HAMILTON, Bermuda, Oct. 1, 2020 /PRNewswire/ — White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it has entered into a definitive agreement to invest fresh capital in and to acquire a majority interest in Ark Insurance Holdings Ltd, the ultimate parent company of Ark Syndicate Management Limited.
Ark is a leading Lloyd’s platform well positioned to take advantage of the hardening market in property & casualty insurance. Founded in 2007 by Ian Beaton and Nick Bonnar, Ark manages the underwriting of syndicates 4020 and 3902 at Lloyd’s. The syndicates underwrite a diversified and balanced portfolio of reinsurance and insurance, including property, accident & health, energy, marine and political risks. Ark currently has approximately $500 million of stamp capacity. With White Mountains’ capital, Ark plans to grow its business substantially by (i) increasing aligned capacity at its Lloyd’s syndicates to 100%, (ii) increasing overall stamp capacity, (iii) converting Ark’s existing Bermuda reinsurance entity into a Class 4 reinsurer and (iv) hiring talented underwriters in the London and Bermuda markets.
Manning Rountree, CEO of White Mountains, said “Ian, Nick and the rest of the Ark team have built a high-quality insurance business that puts underwriting first. We are delighted to partner with them, and we are excited about the market opportunity in front of us.”