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Posted on 30 May 07
White Mountains Insurance Group, Ltd. ("White Mountains") (NYSE: WTM - News) announced that its wholly-owned subsidiary, White Mountains Re Group, Ltd. ("White Mountains Re"), intends to offer and sell 250,000 fixed/floating perpetual non-cumulative preference shares, liquidation preference $1,000 per share (the "Preference Shares"), in an offering exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").
White Mountains Re intends to use the net proceeds from the offering of the Preference Shares to further capitalize its reinsurance subsidiaries, including its Bermuda platform, and for general corporate purposes.
The Preference Shares will be sold only to qualified institutional buyers in reliance on Rule 144A and outside the United States to non-U.S. persons in reliance on Regulation S. The Preference Shares have not and will not be registered under the Securities Act, and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Preference Shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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.
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