White Mountains Insurance Group, Ltd., through its insurance and reinsurance subsidiaries and affiliates, is engaged in the property and casualty insurance, and reinsurance businesses. Segments The company’s segments include OneBeacon, Sirius Group, HG Global/BAM and Other Operations. OneBeacon segment The OneBeacon segment consists of OneBeacon Insurance Group, Ltd. (OneBeacon Ltd.), an exempted Bermuda limited liability company that owns a family of property and casualty insurance companies (collectively, OneBeacon). OneBeacon is a specialty property and casualty insurance writer that offers a range of insurance products in the United States primarily through independent agencies, regional and national brokers, wholesalers and managing general agencies. In 2013, OneBeacon formed Split Rock Insurance, Ltd., a Bermuda-based reinsurance company. Competition: This segment competes in one or more of its businesses with most of the large multi-line insurance companies, such as ACE, AIG, Chubb Group, CNA, Liberty Mutual, Travelers and Zurich Insurance Group. OneBeacon also competes with most of the specialty companies, such as Allied World Assurance Company, HCC Insurance Holdings, Inc., The Navigators Group, Inc., Ironshore Inc., Markel Corporation, RLI Corp. and W.R. Berkley Corporation. Sirius Group segment The Sirius Group segment consists of Sirius International Insurance Group, Ltd., an exempted Bermuda limited liability company, and its subsidiaries (collectively, ‘Sirius Group’). Sirius Group provides insurance and reinsurance products for property, accident and health, aviation and space, trade credit, marine, agriculture and certain other exposures on a worldwide basis through its primary subsidiaries, Sirius International Insurance Corporation (Sirius International), Sirius America Insurance Company (Sirius America) and Lloyd’s Syndicate 1945 (Syndicate 1945). Sirius Group also specializes in the acquisition and management of runoff insurance and reinsurance companies both in the United States and internationally through its White Mountains Solutions division. Competition: Sirius Group competes for business in Europe, Bermuda, the United States, and other international markets with numerous global competitors. Some of the companies that Sirius Group competes directly with include Alleghany Corporation, Allied World Assurance Company Holdings AG, Arch Capital Group Ltd., Aspen Insurance Holdings Ltd., Axis Capital Holdings, Ltd., Endurance Specialty Holdings Ltd., Everest Re Group, Ltd., General Reinsurance Corporation, Hannover Ruckversicherung AG, Montpelier Re Holdings, Ltd., Munich Re Group, Odyssey Re Holdings Corp., PartnerRe Ltd., Platinum Underwriters Holdings Ltd., Renaissance Re Holdings Ltd., Scor Global P&C, Swiss Re Group, Validus Holdings, Ltd., and XL Capital Ltd. HG Global/BAM segment The HG Global/BAM segment consists of White Mountains’ investment in HG Global Ltd. (HG Global) and the consolidated results of Build America Mutual Assurance Company (BAM). BAM is a municipal bond insurer domiciled in New York that was established to provide insurance on bonds issued to support essential U.S. public purposes, such as schools, utilities, core governmental functions and existing transportation facilities. HG Global, through its wholly-owned subsidiary, HG Re Ltd. (HG Re), also provides 15%-of-par, first loss reinsurance protection for policies underwritten by BAM. Other Operations segment The Other Operations segment consists of the company and its intermediate holding companies, its wholly-owned investment management subsidiary, White Mountains Advisors LLC (WM Advisors), White Mountains’ variable annuity reinsurance business, White Mountains Life Reinsurance (Bermuda) Ltd. (Life Re Bermuda), which is in runoff, and Life Re Bermuda’s U.S.-based service provider, White Mountains Financial Services LLC (collectively, WM Life Re), as well as various other entities and investments not included in other segments. Regulations United States: The National Association of Insurance Commissioners has risk-based capital (RBC) standards for property and casualty insurers as a means of monitoring certain aspects affecting the overall financial condition of insurance companies. The RBC ratios of the company’s active U.S.-based insurance and reinsurance operating subsidiaries are satisfactory and such ratios are not expected to result in any adverse regulatory action. Europe: Sirius International is subject to regulation and supervision by the Swedish Financial Supervisory Authorities. United Kingdom: The financial services industry in the United Kingdom is regulated by the Financial Services Authority. The UK FSA regulates insurers, insurance intermediaries and Lloyd’s. Sirius Group participates in the Lloyd’s market through the 100% ownership of White Mountains Sirius Capital Ltd., a Lloyd’s corporate Member, which in turn provides underwriting capacity to Syndicate 1945. Bermuda: The Insurance Act 1978 of Bermuda and related regulations, as amended, regulates the insurance businesses of the Bermuda branch of Sirius International, Star Re Ltd., White Shoals Re Ltd., WM Life Re and HG Re, and provides that no person may carry on any insurance business in or from within Bermuda unless registered as an insurer under the Insurance Act by the Bermuda Monetary Authority. The company is an exempted company organized under the Companies Act 1981 of Bermuda. History White Mountains Insurance Group, Ltd. was founded in 1980.
white mountains insurance gp
14 Wesley Street
Hamilton, HM 11
|Amlin PLC||455.60 GBp||-3.20|
|Hiscox Ltd||825.50 GBp||+1.50|
|Mercury General Corp||$55.88 USD||+0.66|
|Validus Holdings Ltd||$42.30 USD||+0.09|
|View Industry Companies|
Sponsored Financial Commentaries
To contact WHITE MOUNTAINS INSURANCE GP, please visit www.whitemountains.com. Company data is provided by Capital IQ. Please use this form to report any data issues.