HAMILTON, Bermuda, Dec. 21,
2022 /PRNewswire/ -- White Mountains Insurance Group,
Ltd. (NYSE: WTM) ("White Mountains") announced today that Ark
Insurance Holdings Limited ("Ark"), its specialty property and
casualty reinsurance and insurance subsidiary, has sponsored the
formation of a reinsurance sidecar to provide collateralized
reinsurance capacity for its global property catastrophe
portfolio.
Outrigger Re Ltd. ("Outrigger"), a newly-formed Bermuda company registered as a special
purpose insurer and segregated accounts company, has entered into a
quota share with Ark to provide reinsurance protection on a portion
of Ark Bermuda's global property catastrophe portfolio beginning on
January 1, 2023.
Outrigger has received $250
million of total investor capital for January 1, including $205
million from White Mountains. Additional third-party
investors include Aquiline Capital Partners and a subsidiary of
Enstar Group Limited (NASDAQ: ESGR).
Manning Rountree, Chief Executive Officer of White Mountains,
said, "We are pleased to launch Outrigger Re, deploying capital
into the hard market for property catastrophe insurance and in
support of the exceptional underwriting team at Ark."
Ian Beaton, Chief Executive
Officer of Ark, said, "This transaction represents an important
source of strategic underwriting capacity to support our core
clients at a dynamic time in the reinsurance cycle."
TigerRisk Capital Markets & Advisory acted as exclusive
structuring and placement agent on the transaction. Sidley
Austin LLP and Conyers Dill &
Pearman Ltd. provided legal counsel.
About White Mountains
White Mountains is a Bermuda-domiciled financial services holding
company traded on the New York Stock Exchange and the Bermuda Stock
Exchange under the symbol WTM. Additional financial
information and other items of interest are available at the
Company's web site located at www.whitemountains.com.
About Ark
Ark is a specialty property and casualty insurance and
reinsurance company that underwrites a diversified and balanced
portfolio of reinsurance and insurance business, including
property, specialty, marine & energy, accident & health and
casualty. Ark's high-quality underwriting teams are expert in
their specialist areas, have a clear understanding of the needs of
their clients and producers, and build business relationships for
the long term. White Mountains owns 72% of Ark on a basic
shares outstanding basis.
Media Contact
Rob Seelig
+1 (603)
640-2212
ir@whitemountains.com
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SOURCE White Mountains Insurance Group, Ltd.