White Mountains Insurance Group (NYSE: WTM) is a holding company with business interests in property and casualty insurance, and reinsurance. The group owns reinsurer Sirius and a 75% stake in specialty insurance carrier OneBeacon. It is based in Hanover, New Hampshire.
It is owned by Jack Byrne who in 1985 was invited to run the troubled Fireman's Fund, then a subsidiary of American Express. Fireman's had incurred $356 million in pretax losses in 1983 and 1984. Byrne greatly improved Fireman's financial performance and initiated a public offering of some of Fireman's shares in 1985. The company was sold to Allianz AG in 1991. Byrne, meanwhile, retained the Fireman's holding company, which he later renamed White Mountains.
Famous quotes containing the words white, mountains, insurance and/or group:
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—Martha Shelley, U.S. author and social activist. As quoted in Making History, part 3, by Eric Marcus (1992)
“Wachusett hides its lingering voice
Within its rocky heart,
And Allegheny graves its tone
Throughout his lofty chart.
Monadnock, on his forehead hoar,
Doth seal the sacred trust,
Your mountains build their monument,
Though ye destroy their dust.”
—Lydia Huntley Sigourney (1791–1865)
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—Hortense Odlum (1892–?)
“Instead of seeing society as a collection of clearly defined “interest groups,” society must be reconceptualized as a complex network of groups of interacting individuals whose membership and communication patterns are seldom confined to one such group alone.”
—Diana Crane (b. 1933)