White Mountains Invests In Elementum

June 4, 2019

White Mountains Insurance Group has acquired a minority equity stake in Elementum Advisors, LLC, an SEC-registered investment advisor focused on managing investment portfolios exposed to natural catastrophe event risk. The terms were not disclosed.

Since its launch in December 2009, Elementum has grown to become a leading alternative investment management firm. Elementum manages portfolios across a range of liquidity and risk/return profiles, including catastrophe bonds and collateralized reinsurance investments. It is the third largest independent manager of insurance-linked securities [ILS] and currently has over $4 billion of assets under management.

“We are thrilled by White Mountains’ investment in Elementum,” said Tony Rettino and John DeCaro, Founding Principals at 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 of White Mountains, said, “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.”

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

Cravath, Swaine & Moore LLP provided legal advice to White Mountains. Kirkland & Ellis LLP acted as legal advisor and TigerRisk Capital Markets & Advisory as financial advisor to Elementum.

White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM.

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