Ark Insurance renews reinsurance sidecar Outrigger Re for 2024
Ark Insurance renews reinsurance sidecar Outrigger Re for 2024 | Insurance Business New Zealand
Reinsurance
Ark Insurance renews reinsurance sidecar Outrigger Re for 2024
Agreement set to provide collateralized coverage for a segment of global property portfolio
Reinsurance
By
Kenneth Araullo
White Mountains subsidiary Ark Insurance Holdings Limited, specializing in property and casualty reinsurance and insurance, has renewed its agreement with reinsurance sidecar Outrigger Re for the 2024 calendar year. The terms of the renewal are reportedly similar to those of the previous year.
Outrigger will continue its partnership with Ark through a quota share arrangement. This agreement is set to provide collateralized reinsurance protection for a segment of Ark Bermuda’s global property catastrophe portfolio, starting January 1, 2024.
For the renewal, Outrigger secured $250 million in total investor capital as of January 1, including a $130 million contribution from White Mountains. The remaining funding was sourced from both new and existing third-party investors.
“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,” White Mountains CEO Manning Rountree said.
“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,” Ark CEO Ian Beaton said.
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