White Mountains buys stake in ILS manager
Bermudian-based White Mountains Insurance Group Ltd has acquired a minority equity stake in Elementum Advisers, an ILS manager with more than $4 billion of assets under management.
Since its launch in December 2009, Elementum, which has an office in Bermuda and is headquartered in Chicago, 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 collateralised reinsurance investments. It is the third-largest independent manager of insurance-linked securities.
“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.
Young and Robinson frustrate St David’s
White takes road race honours
Bermuda edge US in nail-biter
Nordic American Tankers reports $14.9m loss
Bermuda juniors set for Antigua test
Chubb upset top seeds Wahoos
Selleys shine as records tumble
Medal delight on the opening day
Take Our Poll
- "What is the most significant reason for Bermuda residents choosing to leave the island?"
- Too small
- Different way of life
- Cost of living
- Gang activity and general crime
- Jobs/professional advancement
- Attitudes towards gays
- Total Votes: 5235
- Poll Archive