White Mountains buys stake in ILS manager Elementum

Bermuda-based White Mountains Insurance Group has acquired a minority equity stake in Elementum Advisors, an insurance-linked securities (ILS) manager with over $4 billion of assets under management.

Elementum manages portfolios across a range of liquidity and risk/return profiles, including catastrophe bonds and collateralise reinsurance investments. It is the third largest independent manager of insurance-linked securities (ILS) and currently has over $4 billion of assets under management.

White Mountains will also invest $50 million across Elementum's funds.

"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," said Manning Rountree, chief executive officer of White Mountains.

Tony Rettino and John DeCaro, founding principals at Elementum, added: "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."

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