HAMILTON, Bermuda, Jan. 7, 2019 /PRNewswire/ -- White Mountains
Insurance Group, Ltd. (NYSE: WTM) ("White Mountains") announced
today that it has acquired a minority equity stake in Noblr, Inc.
("Noblr"). Noblr is a new property and casualty insurance provider,
with its first product offering focused on personal auto insurance.
Noblr provides consumers with real-time insurance rates and
real-time feedback on driving behavior by leveraging telematics and
Noblr's own proprietary technology. Noblr offers its customers
memberships in a reciprocal exchange to align the interests of the
insurer and the insured. Noblr was co-founded by Gary Tolman and Jason
Foucher, who together bring over 60 years of experience in
the property and casualty insurance sector.
Gary Tolman commented, "The Noblr
team and I are very excited to bring this new company to life,
offering consumers more control over what they pay for car
insurance, and also, perhaps more significantly, more control over
their relationship with their insurer. We are pleased to have White
Mountains' support, providing us with the additional know-how and
financial support to scale quickly and intelligently."
Prior to White Mountains' investment in Noblr, Gary Tolman resigned from his position on the
White Mountains Board of Directors, a position he held since 2015.
From 2000 to 2015, Mr. Tolman served as the President and CEO of
Esurance, a direct to consumer insurance company. Prior to
Esurance, Mr. Tolman held several senior executive positions at
Talegen Holdings and Fireman's Fund.
CEO Manning Rountree said, "We will miss Gary's experienced
voice on the White Mountains board, but we are excited to partner
with him again in the Noblr endeavor. The Board thanks Gary for his
many contributions to White Mountains over the years."
ADDITIONAL INFORMATION
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.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements".
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's:
- 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;
- 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 a number of 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, 2017 filed February 28,
2018;
- business opportunities (or lack thereof) that may be
presented to it and pursued;
- actions taken by ratings agencies from time to time, such as
financial strength or credit ratings downgrades or placing ratings
on negative watch;
- the continued availability of capital and
financing;
- general economic, market or business conditions;
- competitive forces, including the conduct of other
insurers;
- 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; 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. Except for our obligations under Rule 13e-4(c)(3) and
Rule 13e-4(e)(3) of the Exchange Act to disclose any material
changes in the information previously disclosed to shareholders or
as otherwise required by law, the Company 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.