White Mountains’ Ark renews sidecar, ups third-party capital share 2.7x

White Mountains’ specialty P&C unit Ark renewed its Outrigger Re sidecar deal for 2024 with another $250 million in investor capital ready for January 1, including an increased sum from outside third-party investors. 

Outrigger, a reinsurance sidecar, has again entered into a quota share with Ark to provide collateralised reinsurance protection on a portion of Ark Bermuda's global property catastrophe portfolio beginning on January 1, 2024.

The $250 million total sum matches the amount set for 2023, but includes a lower contribution from White Mountain. The parent is putting up $130 million of the sum for 2024 after having put up a full $205 million in the 2023 sidecar. 

Manning Rountree, CEO of White Mountains, said, “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.”

Ian Beaton, CEO of Ark, added:  “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' ongoing lead commitment.”

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