Bermuda-based White Mountains Insurance Group said it is reorganizing and rebranding its global reinsurance business. All reinsurance operating entities will be consolidated under Sirius International Insurance Corp. (Sirius International) and the reinsurance group will operate as the Sirius Group (formerly White Mountains Re).
The firm said Sirius International’s regulatory capital will increase to $2.2 billion pro forma for the reorganization.
Sirius America Insurance Co. (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 the reorganization consolidates operations into an efficient global platform. He also said that 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.
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