White Mountains Insurance Group, Ltd. in Bermuda announced that Steven E. Fass has been elected president and chief executive officer, effective immediately.
Mr. Fass remains on the board as a director. He replaces Ray Barrette, who has decided to retire as CEO and leave as a board member as well.
White Mountains said Mr. Barrette would work with Mr. Fass and White Mountains management to ensure a smooth transition.
Before assuming his latest post, Mr. Fass served as a senior partner and head of reinsurance operations. White Mountains noted that last year he had led the company's acquisition of Sirius International and he has overseen the development of Esurance over the past five years.
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