Barrette retires from White Mountains

Manning Rountree has been elected CEO and member of the board of directors of White Mountains Insurance Group, effective immediately.

He succeeds Ray Barrette, who is retiring and who has also stepped down from his position of chairman and also from the board of directors of White Mountains. Morgan Davis, the lead independent director of the board, has been elected non-executive chairman of the company.

Rountree was previously president of White Mountains Capital and served as president of WM Advisors from 2009 to 2014. He joined the company in 2004.

"It has been a tremendous honour to serve White Mountains over the past several decades and to have led a terrific team of seasoned and dedicated professionals," said Barrette in a statement. "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."

"I feel honoured to assume leadership of the company," said Rountree. "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."