Bermudian-based White Mountains Insurance Group has announced that Liam Caffrey will become chief executive on January 1, 2026.

Mr Caffrey, who is president and chief financial officer, will succeed Manning Rountree, who will retire as CEO and step down from the board at the end of this year.

Mr Caffrey joined White Mountains as CFO in 2022 after senior roles at Aon PLC and McKinsey and Co. He will also join the White Mountains board in January.

Mr Rountree, who has led the company since 2017 and been with White Mountains for 21 years, will stay on as senior adviser through 2028, continuing to serve on the boards of several subsidiaries.

Mr Caffrey said: “I am honoured to assume leadership of this great company. Manning has been a valued mentor to me, and I look forward to building on our strong track record of creating shareholder value.”

Mr Rountree said he felt now was the right time to transition leadership. “Liam and I have worked together closely over the past four years and jointly planned for this succession. He is the right person to lead the company going forward.”

Weston Hicks, chairman of White Mountains, praised Mr Rountree’s tenure and welcomed the appointment. “Liam is a proven executive who brings deep insurance experience to his new role,” he said.

Meanwhile, the company announced other leadership changes effective January 2026. Michael Papamichael, managing director and deputy CFO of White Mountains Capital, will become CFO. Giles Harrison, executive vice-president and chief strategy officer, will become president.

White Mountains is a financial services holding company listed on the New York Stock Exchange and Bermuda Stock Exchange.