Bermudian insurance, reinsurance and financial services group, White Mountains Insurance Group, Ltd., has announced the election of Manning Rountree as its Chief Executive Officer (CEO), effective immediately.
Rountree has also been elected to the firm’s Board of Directors and takes over the CEO position from Ray Barrette, who is retiring.
Joining the firm in 2004 Rountree has held a number of positions at White Mountains, including President of White Mountains Advisors from 2009 to 2014, and most recently President of White Mountains Capital.
“I feel honored to assume leadership of the Company. Ray has been an exceptional business leader throughout his career, responsible for many of our biggest successes. His are big shoes to fill. Ray has been a valued mentor and a good friend over the years, and I am grateful for his continuing guidance as I transition into my new role.
“There are wonderful opportunities ahead. I look forward to working with our Board and management team to build upon our strong track record of creating shareholder value,” said Rountree.
Barrette also retired as Chairman and as a member of the company’s Board of Directors, and Morgan Davis, lead independent director of the Board, has been elected non-Executive Chairman.
“The Board has been working with Ray for some time to identify his successor and to assure an orderly transition when he decided it was time to retire. On behalf of the Board, I want to thank Ray for his leadership of the Board and his dedication to the Company over many, many years. All of us who have had the privilege of working with Ray have benefited from his vision, passion and energy. We wish Ray and his wife Cyn the best in the next phase of their lives,” said Davis.
Barrette commented on his departure, saying; “It has been a tremendous honor to serve White Mountains over the past several decades and to have led a terrific team of seasoned and dedicated professionals. I am proud of all that we have achieved. Rest assured that I am leaving the Company in very capable hands. Manning is an exceptional manager and has all the right skills and experience to take the Company forward. He is the right person to lead the Company at this time.”