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White Mountains acquires minority stake in ILS manager, Elementum Advisors

3rd June 2019 - Author: Luke Gallin

White Mountains Insurance Group, Ltd. has acquired a minority equity stake in insurance and reinsurance linked asset manager, Elementum Advisors, LLC.

mergers and acquisitionsTerms of the deal were not disclosed. However, our sister publication, Artemis reported on April 18th 2019 that Elementum was selling a 30% stake to White Mountains.

White Mountains is known for buying stakes in financial services companies, which includes insurance and reinsurance operations.

Elementum, an insurance linked-securities (ILS) and re/insurance linked investment manager, had $4 billion of assets under management (AuM) as at December 31st, 2018, according to the Artemis ILS Funds Directory.

The firm manages a range of funds, from catastrophe bonds across the spectrum of collateralised reinsurance linked assets, and is one of the largest independent managers of ILS.

Under this deal, White Mountains will also invest $50 million across Elementum’s funds, while Elementum’s principals will continue to own a significant majority of the firm and will also control the operation of the business following this transaction.

Tony Rettino and John DeCaro, Founding Principals at Elementum, said: “We are thrilled by White Mountains’ investment in Elementum. We believe it will enable us to continue to provide high quality investment management services to our investors and fortify our business operations and franchise.”

Manning Rountree, Chief Executive Officer (CEO) of White Mountains, added: “We are delighted to make this investment in Elementum. Tony and John have built a quality business with a strong track record. We look forward to their continued success.”

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