White Mountains Insurance Group Ltd, the financial services holding company domiciled in Bermuda, has announced that Ark Insurance Holdings Ltd, its specialty property and casualty reinsurance and insurance subsidiary, has renewed Outrigger Re Ltd for business incepted during calendar year 2024.

The renewal is on similar terms as were in effect for calendar year 2023.

The company said Outrigger, a reinsurance sidecar, has again entered into a quota share with Ark to provide collateralised reinsurance protection on a portion of Ark Bermuda's global property catastrophe portfolio beginning on January 1, 2024.

Outrigger has received $250 million of total investor capital for January 1, including $130 million from White Mountains. The remaining capital was provided by new and continuing third-party investors.

Manning Rountree, chief executive officer of White Mountains, said: "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 ongoing hard market."

Ian Beaton, chief executive officer of Ark, 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."