Commitment to value creation and being good partners
White Mountains (NYSE: WTM) is a diversified financial services holding company that invests in dynamic businesses seeking a stable, sophisticated capital partner to drive profitable growth. For over three decades, we have been careful, opportunistic and successful stewards of our shareholders’ capital.
We are most proud and protective of our reputation as a good partner – to our shareholders, to other stakeholders in our investments and to the talented management teams who run our operating businesses. In the end, doing right by your partners is what guarantees the next deal and the deal after that. Our commitment to partnership extends to charitable engagement in the communities in which our employees live and work (learn more—link to In Our Communities)
of Assets Under Management
Track Record of successful partnerships and transactions
A history of reinvention and business building
Our story began in the early 1980’s when Jack Byrne was recruited by American Express to turn around troubled property and casualty insurer Fireman’s Fund. When Jack took Fireman’s Fund public in 1985, it was the largest IPO in American history, and when the insurer was sold to Allianz six years later, shareholders were rewarded with profits exceeding $1 billion. Throughout our history we’ve been nimble and opportunist investors; as Jack once said, “You shoot ducks when ducks are flying.”
Jack Byrne takes Fireman’s Fund public at $25.75 per share.
Fireman’s Fund is sold to Allianz for $3.3 billion. The remaining holding company and residual assets form the core of the future White Mountains.
The Company makes its first of several investments in financial guarantor Financial Security Assurance Holdings (“FSA”).
White Mountains acquires 50% of Folksamerica Reinsurance Co. The remaining stake would be acquired in 1998, and later folded in under Sirius International.
White Mountains re-domesticates to the island of Bermuda.
Amid the fallout of the dot-com bubble, the Company makes its initial investment in online auto insurance broker Esurance, acquiring 80% for a funding commitment of roughly $8 million.
FSA is acquired by Belgian-French bank Dexia, Europe’s largest municipal lender.
In a ‘bet the company’ transaction, White Mountains acquires CGU’s U.S. operations (renamed OneBeacon) for $2.2 billion with preferred equity financing provided by Berkshire Hathaway.
The Company sponsors the creation of Montpelier Re and Olympus Re, replenishing reinsurance capacity in Bermuda after the terrorist attacks of September 11.
White Mountains leads a consortium of private investors, including Berkshire Hathaway, in the acquisition of life insurer Symetra Financial Corp. from Safeco.
The Company acquires Sweden-based global reinsurer Sirius International from ABB Ltd. for $425 million.
OneBeacon’s IPO debuts at $25.00 per share.
The Company acquires 1.6 million WTM shares from Berkshire Hathaway for $485 per share.
White Mountains sells Esurance and Answer Financial to Allstate for $1.0 billion.
The Company sponsors the creation of the US’s first mutually-owned municipal bond guarantor Build America Mutual and its primary reinsurer HG Re Ltd., capitalizing the entities with $500 million.
White Mountains sells Sirius International to China Minsheng Investment Corp. Ltd. for $2.6 billion. In the same year, Symetra is acquired by Sumitomo Life for $32 per share, and TRANZACT is sold to Clayton Dubilier & Rice for $___
OneBeacon is sold to Intact Financial Corp for $18.10 per share.