Ray Barrette retires as chief of White Mountains

Long-time White Mountains Insurance Group Ltd. executive Ray Barrette is retiring as chairman and CEO, effective immediately, the Bermuda-based insurer announced Thursday.

Manning Rountree, who was previously president of White Mountains Capital, will replace Mr. Barrette as CEO; and Morgan Davis, the lead independent director on the White Mountains board, has been elected nonexecutive chairman.

Mr. Davis said, in a statement: “The Board has been working with Ray for some time to identify his successor and to assure an orderly transition when he decided it was time to retire. On behalf of the Board, I want to thank Ray for his leadership of the board and his dedication to the company over many, many years.” 

Mr. Barrette had held various executive positions at White Mountains and its subsidiary, OneBeacon Insurance Group. He was named chairman and CEO in 2007 on the retirement of the late Jack Byrne, who founded White Mountains.