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White Mountains Re reorganises - no change for Island operation

White Mountains Insurance Group Ltd has announced the reorganisation and rebranding of its global reinsurance business - but there will be no significant changes for the company’s Bermuda operations.

In a filing to the Bermuda Stock Exchange, the company said that all of its reinsurance operating entities would be consolidated under Sirius International Insurance Corporation (Sirius International) and the reinsurance group would operate as the Sirius Group (formerly White Mountains Re Ltd).

A spokeswoman for the company said the move would mean no material changes for the Bermuda operation, which employs 18 people.

Sirius International’s regulatory capital will increase to $2.2 billion pro forma for the reorganisation.

Sirius America Insurance Company (Sirius America, formerly White Mountains Reinsurance Company of America) will be owned by Sirius International. It will retain approximately $600 million of statutory surplus and will receive $300 million of additional capital and stop loss support from its parent Sirius International.

Allan Waters, president and CEO of Sirius Group, said: “This reorganisation builds upon the highly successful Sirius track record and consolidates our operations into an efficient global platform. Clients of both Sirius International and Sirius America will benefit from Sirius International’s $2.2 billion of pro forma regulatory capital.

“Sirius International will continue under the direction of Goran Thorstensson and his team and Dwight Evans will continue to lead the Sirius America team.”

Group financial strength ratings from the four major ratings agencies are expected concurrently with the reorganisation.

The reorganisation, subject to receipt of regulatory approvals, is expected to be completed in the fourth quarter.

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Published September 14, 2011 at 10:00 am (Updated September 14, 2011 at 10:13 am)

White Mountains Re reorganises - no change for Island operation

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