White Mountains Reorganizes Business
In an filing with the Bermuda Stock Exchange dated 10 September, 2011, White Mountains Insurance Group, Ltd. announced the reorganization and rebranding of its global reinsurance business.
All reinsurance operating entities will be consolidated under Sirius International Insurance Corporation and the reinsurance group will operate as the Sirius Group (formerly White Mountains Re Ltd.). Sirius International’s regulatory capital will increase to $2.2 billion pro forma for the reorganization.
Sirius America Insurance Company (Sirius America, formerly White Mountains Reinsurance Company of America) will be owned by Sirius International. It will retain approximately $600 million of statutory surplus and will receive $300 million of additional capital and stop loss support from its parent Sirius International.
Allan Waters, President and CEO of Sirius Group, said “This reorganization builds upon the highly successful Sirius track record and consolidates our operations into an efficient global platform. Clients of both Sirius International and Sirius America will benefit from Sirius International’s $2.2 billion of pro forma regulatory capital. Sirius International will continue under the direction of Goran Thorstensson and his team and Dwight Evans will continue to lead the Sirius America team.”
Group financial strength ratings from the four major ratings agencies are expected concurrently with the reorganization. The reorganization, subject to receipt of regulatory approvals, is expected to be completed in the fourth quarter.
