White Mountains Insurance Group, a Bermuda-based financial services firm, has restructured and rebranded its global reinsurance business.
The insurer said all reinsurance operating entities will be consolidated under Sirius International Insurance and the reinsurance group will operate as the Sirius Group.
Sirius International’s regulatory capital will increase to $2.2bn pro forma for the reorganization.
Sirius America Insurance, formerly White Mountains Reinsurance Company of America will be owned by Sirius International.
It will retain approximately $600m of statutory surplus and will receive $300m of additional capital and stop loss support from its parent Sirius International.
Sirius Group president and CEO Allan Waters said this reorganization builds upon the highly successful Sirius track record and consolidates the 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 Goran Thorstensson and his team and Dwight Evans will continue to lead the Sirius America team," Waters said.
The reorganization, subject to receipt of regulatory approvals, is expected to be completed in the fourth quarter.