Bmda: Reinsurance outsourcing

One of the world’s largest reinsurance companies with capital of $2 billion and gross premiums of over $2 billion is being set up in Bermuda.

According to a release from insurance giant White Mountains Insurance Group yesterday, which recently re-located to Bermuda, it is setting up White Mountains Re Group Ltd. as a holding company for its reinsurance operations.

This means that all the business Folksamerica Re, Fund American Re and White Mountains Underwriting with the newly acquired Sirius Insurance Group write will now go through Bermuda.

The company will be headed up by Steven Fass, who has been given the title of president and chief executive officer, and will be based in Bermuda along with some of the key management.