HAMILTON, Bermuda, Dec. 21,
2023 /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 renewed
Outrigger Re Ltd. ("Outrigger") for business incepted during
calendar year 2024. The renewal is on similar terms as were in
effect for calendar year 2023.
Outrigger, a reinsurance sidecar, has again entered into a quota
share with Ark to provide collateralized reinsurance protection on
a portion of Ark Bermuda's global property catastrophe portfolio
beginning on January 1, 2024.
Outrigger has received $250
million of total investor capital for January 1, including $130
million from White Mountains. The remaining capital was
provided by new and continuing third-party investors.
Manning Rountree, Chief Executive Officer of White Mountains,
said, "We are pleased to continue supporting Outrigger Re and the
underwriting team at Ark. We view new investor interest as
recognition of Ark's strong execution in the on-going hard
market."
Ian Beaton, Chief Executive
Officer of Ark, said, "Outrigger remains an important strategic
capability for Ark in the current market. We are pleased to see
expanded investor interest in supporting Outrigger including White
Mountains's ongoing lead commitment."
About White Mountains
White Mountains is
a Bermuda-domiciled financial services holding company traded
on the New York Stock Exchange under the symbol WTM and on the
Bermuda Stock Exchange under the symbol WTM.BH. 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.
CONTACT: Rob
Seelig
(603) 640-2202
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SOURCE White Mountains Insurance Group, Ltd.
