White Mountains Insurance Group Ltd’s specialty P&C re/insurance subsidiary, Ark Insurance Holdings Limited, has sponsored a renewal of its $250 million reinsurance sidecar, Outrigger Re Ltd. for the 2024 calendar year, on similar terms as were in effect for 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,” White Mountains explained.
The firm remains the lead investor, contributing $130 million of the $250 million in capital for 2024.
New and continuing third-party investors reportedly provided the remaining capital.
Manning Rountree, Chief Executive Officer of White Mountains, commented, “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 ongoing 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.”
Back in November, White Mountains reported that Ark’s gross written premiums rose to $1,667 million for the first nine months of 2023, compared to $1,253 million in 2022.
Ark also produced an 81% combined ratio while growing premiums 17% year over year. Outrigger Re delivered a 44% combined ratio and $37 million of pre-tax income.
