Describing the wipeout of original investors in a sidecar for White Mountains' reinsurer as a "sorry chapter" in the history of such vehicles, Chairman Jack Byrne tried to dole out reassuring words to his company's shareholders last month.
His remarks–along with those of Steve Fass, president and chief executive officer–at times revealed the tensions of acting in the best interests of the public shareholders of a reinsurer while remaining in the good graces of private investors in a sidecar.
During an early morning conference call on June 20, Mr. Byrne responded to concerns of analysts and investors in Bermuda-based White Mountains Insurance Group that bubbled up after a series of announcements regarding reinsurance subsidiary Folksamerica Reinsurance Company and its sidecar, Olympus Reinsurance.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
