Ark renews quota share deal with sidecar
Bermuda-based specialty re/insurer Ark Insurance Holdings has renewed reinsurance sidecar Outrigger Re for business incepted in 2024.
The company said the renewal is on similar terms as were in effect for 2023.
Outrigger 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.
Outrigger has received $250 million of total investor capital for January 1, including $130 million from White Mountains Insurance Group, which owns Ark. The remaining capital was provided by new and continuing third-party investors.
Manning Rountree, chief executive officer 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, chief executive officer 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's ongoing lead commitment."