Agreement set to supply collateralized protection for a phase of worldwide property portfolio
White Mountains subsidiary Ark Insurance Holdings Limited, specializing in property and casualty reinsurance and insurance coverage, has renewed its settlement with reinsurance sidecar Outrigger Re for the 2024 calendar yr. The phrases of the renewal are reportedly just like these of the earlier yr.
Outrigger will proceed its partnership with Ark by a quota share association. This settlement is ready to supply collateralized reinsurance safety for a phase of Ark Bermuda’s international property disaster portfolio, beginning January 1, 2024.
For the renewal, Outrigger secured $250 million in complete investor capital as of January 1, together with a $130 million contribution from White Mountains. The remaining funding was sourced from each new and present third-party buyers.
“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,” White Mountains CEO Manning Rountree mentioned.
“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,” Ark CEO Ian Beaton mentioned.
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