HAMILTON, Bermuda, December 21, 2022 /PRNewswire/ — White Mountains Insurance Group, Ltd. WTM (“White Mountains”) announced today that Ark Insurance Holdings Limited (“Ark”), its property and casualty reinsurance subsidiary, has sponsored the formation of a reinsurance sidecar to provide secured reinsurance capacity for its global property catastrophe portfolio.

Outrigger Re Ltd. (“Outrigger”), a newly formed Bermudas Registered as a specialty insurer and segregated account entity, the firm has entered into a quota share arrangement with Ark to provide reinsurance coverage for a portion of Ark Bermuda’s global property catastrophe portfolio effective immediately January 1st2023

Outrigger received $250 million of the total investor capital for January 1stincluding $205 million from the White Mountains. Other third party investors are Aquiline Capital Partners and a subsidiary of Enstar Group Limited ESGR.

Manning Rountree, Chief Executive Officer of White Mountains, said, “We are excited to bring Outrigger Re to market, deploying capital in the tough property catastrophe insurance market and supporting Ark’s exceptional underwriting team.”

Ian BeatonChief 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 Conyer’s dill & Pearman Ltd. offered legal advice.

Over the White Mountains

White Mountains is a Bermudas-domiciled financial services holding company trading on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional financial information and other points of interest are available on the company’s website at www.whitemountains.com.

About Ark

Ark is a specialty property-casualty insurance and reinsurance company operating…