By converting its Bermuda reinsurance operations into a branch of White Mountains Re Sirius
White Mountains Insurance Group is restructuring its reinsurance business by converting its Bermuda reinsurance operations into a branch of White Mountains Re Sirius.
Warren Trace, president and CEO of White Mountains Re Bermuda, will remain in charge of the Bermuda branch operations, reporting to Goran Thorstensson, president and CEO of Sirius. The reorganisation is expected to be effective on September 1, 2009, following receipt of required regulatory approvals.
White Mountains Re will contribute in excess of $200 million of capital to Sirius, which had $1.6 billion of regulatory capital on a pro forma basis as of June 30, 2009. In addition, approximately $400 million of capital will be upstreamed to the White Mountains Re and White Mountains holding companies.
White Mountains Reinsurance Company of America will remain under the direction of Dwight Evans as president and CEO. The White Mountains Re America underwriting platform and regulatory capitalisation, which approximated $750 million as of June 30, 2009, will not be affected by the reorganiSation.