HAMILTON, Bermuda, Oct. 3,
2017 /PRNewswire/ -- White Mountains Insurance Group, Ltd.
(NYSE: WTM) announced today that it has entered into an agreement
to acquire a 50% equity stake in DavidShield, its joint venture
partner in PassportCard, and a leading provider of expatriate
medical and other accident and health insurance coverages.
Following closing of the transaction, White Mountains and Alon
Ketzef, the founder of both DavidShield and PassportCard, will be
50/50 partners in both businesses. Terms of the transaction
were not disclosed.
DavidShield is the leading provider of expatriate medical
insurance to individuals and corporations in Israel. Like
PassportCard, DavidShield's proprietary technology and delivery
systems allow its customers to access healthcare coverage across
the globe, without paying any out-of-pocket expenses or submitting
claims forms. DavidShield's solutions provide an exceptional,
highly-differentiated customer experience that has earned the
Company numerous accolades and awards over the years, including the
2014 and 2016 Expatriate Management and Mobility Award, which
recognizes the industry's most innovative uses of technology.
Teresa Chia, Managing Director of
White Mountains Capital, said: "We are pleased to expand our
existing relationship with Alon Ketzef and DavidShield. We
have witnessed firsthand the tremendous response that customers
have to the PassportCard and DavidShield experience. We look
forward to working with Alon to grow these businesses into global
leaders in the accident and health market."
Alon Ketzef, founder and CEO of DavidShield, said: "White
Mountains shares our vision to revolutionize the travel and
expatriate medical insurance experience around the world through
innovations in technology and service. Their investment is a
validation of the tremendous opportunities we see ahead."
The transaction is subject to regulatory approvals and other
customary closing conditions.
About DavidShield
DavidShield is a leader in technological solutions for the
health insurance and healthcare management industries. The
Company has a strong worldwide presence, with offices throughout
Europe, an innovation lab in
Israel, and partnerships across
the globe. Since 2000, DavidShield has delivered industry
leading medical insurance solutions to diplomats, NGOs, and
thousands of multinational corporations and individuals in over 95
countries. For more information, visit
www.davidshieldgroup.com.
About PassportCard
Based in the UK, PassportCard offers the travel industry's first
real-time, paperless insurance solution, facilitating claim payouts
in minutes, on the spot, where the customer needs it. The
Company directly markets its solutions in select markets and also
franchises its offerings to major travel insurance and medical
assistance companies worldwide. Since launch in 2012,
PassportCard has served over two million customers. To learn
more about PassportCard, visit www.passportcard.com.
About White Mountains
White Mountains is a Bermuda-domiciled financial services holding
company traded on the New York Stock Exchange and the Bermuda Stock
Exchange under the symbol WTM. Additional financial
information and other items of interest are available at the
Company's web site located at www.whitemountains.com.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical facts, included or
referenced in this press release which address activities, events
or developments which White Mountains expects or anticipates will
or may occur in the future are forward-looking statements.
The words "will," "believe," "intend," "expect," "anticipate,"
"project," "estimate," "predict" and similar expressions are also
intended to identify forward-looking statements. These
forward-looking statements include, among others, statements with
respect to White Mountains:
- change in adjusted book value per share or return on
equity;
- business strategy;
- financial and operating targets or plans;
- incurred loss and loss adjustment expenses and the adequacy
of its loss and loss adjustment expense reserves and related
reinsurance;
- projections of revenues, income (or loss), earnings (or
loss) per share, dividends, market share or other financial
forecasts;
- expansion and growth of its business and operations;
and
- future capital expenditures.
These statements are based on certain assumptions and
analyses made by White Mountains in light of its experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors believed to be
appropriate in the circumstances. However, whether actual
results and developments will conform to its expectations and
predictions is subject to risks and uncertainties that could cause
actual results to differ materially from expectations,
including:
- the risks that are described from time to time in White
Mountains's filings with the Securities and Exchange
Commission, including but not limited to White Mountains's Annual
Report on Form 10-K for the fiscal year ended December 31,
2016 filed February 27, 2017;
- claims arising from catastrophic events, such as hurricanes,
earthquakes, floods, fires, terrorist attacks or severe winter
weather;
- the continued availability of capital and
financing;
- general economic, market or business conditions;
- business opportunities (or lack thereof) that may be
presented to it and pursued;
- competitive forces, including the conduct of other property
and casualty insurers and reinsurers;
- changes in domestic or foreign laws or regulations, or their
interpretation, applicable to White Mountains, its competitors or
its customers;
- an economic downturn or other economic conditions adversely
affecting its financial position;
- recorded loss reserves subsequently proving to have been
inadequate;
- actions taken by ratings agencies from time to time, such as
financial strength or credit ratings downgrades or placing ratings
on negative watch; and
- other factors, most of which are beyond White Mountains's
control.
Consequently, all of the forward-looking statements made in
this press release are qualified by these cautionary statements,
and there can be no assurance that the actual results or
developments anticipated by White Mountains will be realized or,
even if substantially realized, that they will have the expected
consequences to, or effects on, White Mountains or its business or
operations. White Mountains assumes no obligation to publicly
update any such forward-looking statements, whether as a result of
new information, future events or otherwise.
CONTACT:
Todd Pozefsky
(203) 458-5807
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SOURCE White Mountains Insurance Group, Ltd.