White Mountains Insurance Group
Encyclopedia
White Mountains Insurance Group is a holding company with business interests in property and casualty insurance, and reinsurance. The group owns the direct marketing insurer Esurance
and a 75% stake in specialty insurance carrier OneBeacon
. In 2008 White Mountains Insurance Group also acquired a large percentage of Answer Financial Inc., one of the largest insurance agencies in America. 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.
Esurance
Esurance Inc. is an American auto insurance provider headquartered in San Francisco, California. Esurance has 1,700 employees in 14 offices nationwide.-History:...
and a 75% stake in specialty insurance carrier OneBeacon
OneBeacon
OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange under the symbol "OB". OneBeacon Insurance Group's underwriting companies offer a range of specialty insurance products sold through select independent agents, regional and...
. In 2008 White Mountains Insurance Group also acquired a large percentage of Answer Financial Inc., one of the largest insurance agencies in America. It is based in Hanover, New Hampshire
Hanover, New Hampshire
Hanover is a town along the Connecticut River in Grafton County, New Hampshire, United States. The population was 11,260 at the 2010 census. CNN and Money magazine rated Hanover the sixth best place to live in America in 2011, and the second best in 2007....
.
It is owned by Jack Byrne
John J. Byrne
John J. Byrne is a longtime insurance industry executive who was CEO of GEICO, White Mountains Insurance Group and Fireman's Fund. He also served as chairman of Overstock.com.-Early background :...
who in 1985 was invited to run the troubled Fireman's Fund
Fireman's Fund Insurance Company
Fireman's Fund Insurance Company, based in Novato, Calif., provides personal and commercial property and casualty insurance products in the United States....
, then a subsidiary of American Express
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
. 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.