NEW YORK and
HAMILTON, Bermuda, Nov. 16, 2017
/PRNewswire/ -- Easterly Partners Group, an asset management
holding company that owns stakes in third-party asset management
businesses and assists them with strategic growth, and White
Mountains Insurance Group, Ltd. (NYSE: WTM, "White
Mountains"), a financial services holding company with
approximately $3.6 billion in assets,
announced today that they have entered into a strategic
partnership.
White Mountains will provide growth capital to enable Easterly
Partners Group to accelerate its business development. White
Mountains may also commit its investment assets to the strategies
and products of Easterly Partners Group's existing and new
affiliates and/or additional capital to acquire, jointly with
Easterly Partners Group, stakes in other third-party asset
managers.
"The agreement with White Mountains will support our existing
affiliates with capital formation, product development and
enterprise value creation and will enable us to invest in
additional outstanding firms. We are uniquely positioned to deliver
on the promise of growth that all of our affiliates desire," said
Darrell Crate, one of Easterly
Partners Group's three Managing Principals. "We look forward to
working with the White Mountains management team, who has a long
track record of successful investing in the financial services
sector."
Manning Rountree, Chief Executive Officer of White Mountains,
added, "We entered into this partnership with Easterly Partners
Group because of its sector leadership and demonstrated track
record of building enterprise value for asset managers. We have
known the team for a long time, and we are delighted to join
forces. We see opportunities to expand our asset management
activities selectively, and we look forward to working with
Easterly Partners Group to do so."
Crate's previous experience includes serving as chief financial
officer of Affiliated Managers Group. During Crate's time as CFO,
AMG invested in or partnered with 27 investment firms. AMG's assets
under management grew from $50
billion to more than $320
billion, and AMG's valuation increased from $450 million to $6
billion.
The other Managing Principals of Easterly Partners Group, who
collectively have raised $50 billion
of institutional equity during their careers, are David Cody, formerly of Fortress Investment
Group, and Avshalom
Kalichstein, formerly of J.C.
Flowers & Co.
About Easterly Partners Group
Easterly Partners Group is a private asset management holding
company that has interests in boutique investment management firms.
Easterly Partners Group acquires and develops ownership stakes in
select asset management businesses seeking to accelerate growth,
institutionalize their products and platforms further and generate
enterprise value. For more information about Easterly Partners
Group, please visit www.easterlypartners.com.
Easterly Partners Group is associated with Easterly Government
Properties, Inc. (NYSE: DEA) and is an affiliate of Easterly
Acquisition Corp. (NASDAQ: EACQ). For more information about
Easterly Government Properties, Inc., please visit
www.easterlyreit.com. For more information about Easterly
Acquisition Corp., please visit www.easterlyacquisition.com.
About White Mountains
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.
Contact:
The Hubbell
Group
Constance
Hubbell
Todd Pozefsky
781-210-5011
203-458-5807
hubbell@hubbellgroup.com
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. 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:
- 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 and related
reinsurance;
- 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 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,
2016 filed February 27, 2017;
- claims arising from catastrophic events, such as hurricanes,
earthquakes, floods, fires, terrorist attacks or severe winter
weather;
- the continued availability of capital and
financing;
- general economic, market or business conditions;
- business opportunities (or lack thereof) that may be
presented to it and pursued;
- competitive forces, including the conduct of other property
and casualty insurers and reinsurers;
- 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;
- recorded loss reserves subsequently proving to have been
inadequate;
- actions taken by ratings agencies from time to time, such as
financial strength or credit ratings downgrades or placing ratings
on negative watch; 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. White Mountains assumes no obligation to publicly
update any such forward-looking statements, whether as a result of
new information, future events or otherwise.
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SOURCE White Mountains Insurance Group, Ltd.