White Mountains Reorganizes Reinsurance Businesses

9/10/2011

Hamilton, Bermuda, 10 September 2011. White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today the reorganization and rebranding of its global reinsurance business. All reinsurance operating entities will be consolidated under Sirius International Insurance Corporation (Sirius International) and the reinsurance group will operate as the Sirius Group (formerly White Mountains Re Ltd.). Sirius International’s regulatory capital will increase to $2.2 billion pro forma for the reorganization.

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


ADDITIONAL INFORMATION

White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional financial information and other items of interest are available at the Company's web site located at www.whitemountains.com

© 2018 Sirius International Insurance Group Ltd. All Rights Reserved.

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