White Mountains aims to deploy $500m via new investment arm

Bermuda-domiciled  White Mountains Insurance Group has established a new investment business unit and appointed former Alleghany founding member and principal as CEO and managing partner.

Newly-launched White Mountains Partners (WM Partners), a wholly-owned business unit of White Mountains, will provide institutional capital to family, founder, and entrepreneur-owned businesses in the essential services, light industrial, and specialty consumer sectors.

John Daly, formerly of Alleghany Capital, has joined WM Partners as CEO and managing partner. The business will seek to establish majority positions in companies with $10 to $50 million of EBITDA and intends to deploy up to $500 million of equity capital over time.

Manning Rountree, White Mountains' chief executive officer, said: "We are pleased to launch WM Partners, which will extend White Mountains' long-term, value-oriented approach into additional attractive sectors. We're thrilled to have a high caliber leader like John at the helm of the new business unit. John has deep experience in sourcing, executing, and managing control investments in private businesses within a public company setting."

Daly commented: "I am excited to join White Mountains, and I am focused on building long-term value for its shareholders. At WM Partners, we will help families, founders, and entrepreneurs grow their businesses by delivering flexible capital, a proven value creation playbook, and a deep understanding and abiding respect for the unique qualities of their businesses."

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