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White Mountains receives $222m capital return from Outrigger Re sidecar
In the first half of 2026, the firm received $145 million in distributions, plus an additional $77 million on July 23, as Ark renewed the Outrigger Re sidecar for the 2026 underwriting year with capital reduced to $70 million.
White Mountains will receive a $222 million capital return tied to its involvement in Ark’s Outrigger Re collateralized reinsurance sidecar, according to Artemis. The firm elected not to invest additional capital into the sidecar for the 2026 underwriting year, even as the vehicle continued to generate cash flow.
Artemis said White Mountains received $145 million of distributions in the first six months of 2026, largely linked to its non-renewal for the 2026 underwriting year. A further $77 million distribution was paid on July 23, 2026, bringing combined inflows that effectively recover the value of prior-year positions plus potential profits.
Ark renewed the Outrigger Re sidecar for 2026 in late 2025, while lowering the capital level to $70 million after adopting a more traditional quota share reinsurance approach. Artemis added that Ark held $46 million in the collateral trust account as of July 31, 2026, to fund remaining obligations under reinsurance agreements with GAIL for the 2024 and 2025 underwriting years.
Artemis also pointed to underwriting performance reported by Ark, with WM Outrigger Re reporting a 25% combined ratio in Q2 2026 and 40% over H1 2026, versus 44% and 120% in the same periods a year earlier. The outlet said catastrophe losses were minimal in the second quarter of 2026.