White Mountains Acquires Majority Interest in Ark Insurance Holdings

White Mountains Insurance Group agreed to invest $605 million of equity (at a $300 million pre-money valuation) and purchase $41 million of shares from existing owners to acquire a majority interest in Ark Insurance Holdings, the parent of Ark Syndicate Management Ltd. The capital raise will give White Mountains ~72% ownership at closing (63% fully diluted), with a commitment to contribute up to an additional $200 million in 2021 to substantially expand Ark's Lloyd's capacity, convert its Bermuda reinsurance entity, and hire underwriting talent.