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WTM » Topics » Capitalization of FARe

This excerpt taken from the WTM 10-Q filed Nov 5, 2007.

Capitalization of FARe

 

During the third quarter of 2007, White Mountains Re increased the capital of its class III Bermuda domiciled reinsurance company, Fund American Reinsurance Company, Ltd. (“FARe”) to $504 million. As part of a larger restructuring, Sirius International first contributed $136 million to FARe, and then White Mountains Re extracted FARe from Sirius International and contributed the net proceeds of its May 2007 Preference Share issuance, or approximately $247 million, to FARe. Additionally, Folksamerica Re received approval from the Insurance Department of the State of New York on October 19, 2007 to redeem $285 million of its common shares. This redemption represents approximately 24% of Folksamerica Re’s statutory surplus as of September 30, 2007. It is anticipated that $250 million of these proceeds will be used to further capitalize FARe during the fourth quarter of 2007.

 

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