Market Overview

Easterly Partners Group Enters into a Strategic Partnership with White Mountains Insurance Group


Easterly Partners Group, an Asset Management Business, joins forces
with White Mountains, Offering Balance Sheet for Strategic Acquisitions
and Development of Affiliates

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

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 (NYSE:AMG). 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
(NYSE:FIG), 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

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
For more information about Easterly Acquisition Corp., please visit

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

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,

  • 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,
  • 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
  • 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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