White Mountains Insurance Group has appointed a new chairman.

Manning Rountree, who will also join the Bermudian company’s board, will take over the role from Ray Barrette, who is retiring.

Mr Rountree said: “Ray has been an exceptional business leader throughout his career, responsible for many of our biggest successes.

“His are big shoes to fill. Ray has been a valued mentor and a good friend over the years, and I am grateful for his continuing guidance as I transition into my new role.

“There are wonderful opportunities ahead. I look forward to working with our board and management team to build upon our strong track record of creating shareholder value.”

Mr Rountree, who joined White Mountains in 2004, was president of White Mountains Capital and previously served as president of WM Advisors from 2009 to 2014.

Mr Barrette, who also retired as company chairman and as a director, said: “It has been a tremendous honour to serve White Mountains over the past several decades and to have led a terrific team of seasoned and dedicated professionals. I am proud of all that we have achieved.”

He added: “Rest assured that I am leaving the Company in very capable hands. Manning is an exceptional manager and has all the right skills and experience to take the Company forward. He is the right person to lead the company at this time.”

Morgan Davis, who has been appointed non-executive chairman, said “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.

“All of us who have had the privilege of working with Ray have benefited from his vision, passion and energy. We wish Ray and his wife Cyn the best in the next phase of their lives.”