White Mountains Insurance Group, Ltd. (NYSE:WTM), a specialty property and casualty insurance and reinsurance company with a market capitalization of $4.8 billion, has announced the renewal of its reinsurance sidecar, Outrigger Re Ltd., effective from January 1, 2025.
The renewal terms for Outrigger Re are consistent with those from the previous year. According to InvestingPro analysis, WTM currently trades at an attractive P/E ratio of 7.64 and appears undervalued based on Fair Value calculations.
Outrigger Re will continue to provide collateralized reinsurance protection on a portion of Ark Bermuda's global property catastrophe portfolio. The sidecar has secured $230 million in total investor capital for the calendar year 2025, with White Mountains contributing $150 million. The remaining $80 million has been funded by ongoing third-party investors.
This renewal indicates White Mountains' sustained commitment to its strategic investment in collateralized reinsurance through Outrigger Re and reflects the confidence of both the parent company and third-party investors in the venture. The renewal also demonstrates the value placed on maintaining stability and continuity in the reinsurance arrangements for Ark Bermuda's property catastrophe portfolio.
The information about this renewal is based on a press release statement filed with the Securities and Exchange Commission (SEC) on January 8, 2025. White Mountains Insurance Group, with headquarters in Hanover, New Hampshire, operates through its subsidiaries and affiliates in the insurance and reinsurance sectors, maintaining a "GREAT" overall financial health score according to InvestingPro analysis.
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