HAMILTON, Bermuda, March 31,
2022 /PRNewswire/ -- White Mountains Insurance Group,
Ltd. (NYSE: WTM) announced today that HG Global Ltd. ("HG") closed
a new $150 million, 10-year term loan
credit facility with Hudson Structured Capital Management Ltd,
(conducting its re/insurance business as HSCM Bermuda) and Security
Benefit Life Insurance Company. HG expects to receive the
proceeds of the loan on or prior to May
31, 2022. A portion of the proceeds of the loan will
be used to pay a $120 million
dividend to White Mountains Insurance Group, Ltd. and the other
equity holders of HG. The facility received an investment
grade rating of BBB from Kroll Bond Rating Agency, LLC. The
facility does not impact the reinsurance obligations of HG Re
Ltd.
About White Mountains
White Mountains is a Bermuda-domiciled financial services holding
company traded on the New York Stock Exchange and the Bermuda Stock
Exchange under the symbol WTM.
About Hudson Structured Capital
Management Ltd.
Hudson Structured Capital Management Ltd., conducting its
re/insurance investment management business as HSCM Bermuda
("HSCM"), is an asset manager focused on alternative investments
seeking mezzanine level returns. HSCM focuses on the Re/Insurance
and Transportation sectors. HSCM launched in 2016, and as of
January 1, 2022 had more than
$3 billion in assets under management
and committed capital. HSCM focuses on core economic sectors that
are likely to outgrow global GDP, offer low correlations with
broader markets, and are experiencing a shift from balance sheet to
market financing. For more information, please visit
www.hscm.com.
About Security Benefit
Security Benefit Corporation ("Security Benefit"), through its
subsidiary Security Benefit Life Insurance Company (SBL), a
Kansas-based insurance company
that has been in business for 130 years, is a leader in the U.S.
retirement market. Security Benefit together with its affiliates
offers products in a full range of retirement markets and wealth
segments for employers and individuals and reached $50.5 billion in assets under management as of
September 30, 2021. Security Benefit,
an Eldridge business, is one of the fastest growing U.S. retirement
companies and continues its mission of helping
Americans To and Through Retirement®.
Learn more at www.securitybenefit.com or
www.eldridge.com.
Safe Harbor Statement under the
Private Securities Litigation Reform Act of 1995
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included or referenced
in this release which address activities, events or developments
which White Mountains expects or anticipates will or may occur in
the future are forward-looking statements. These forward-looking
statements include statements with respect to the funding of, or
receipt of proceeds from, a loan and HG's payment of a dividend
from the proceeds of such loan.
These statements are based on certain assumptions and analyses
made by White Mountains in light of current conditions and expected
future developments, as well as other factors believed to be
appropriate in the circumstances. However, whether actual
developments will conform to its expectations is subject to risks
and uncertainties that could cause actual results to differ
materially from expectations, including actions taken by ratings
agencies, such as financial strength or credit ratings downgrades
or placing ratings on negative watch; the continued availability of
capital and financing; deterioration of general economic; changes
in domestic or foreign laws or regulations, or their
interpretation, applicable to White Mountains or HG, its
competitors or its customers; and other factors, most of which are
beyond White Mountains's control.
Consequently, all of the forward-looking statements made in this
press release are qualified by these cautionary statements, and
there can be no assurance that the developments anticipated by
White Mountains will be realized or, even if substantially
realized, that they will have the expected consequences to, or
effects on, White Mountains or its business or operations. White
Mountains assumes no obligation to publicly update any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: Rob
Seelig
(603) 640-2212
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SOURCE White Mountains Insurance Group, Ltd.