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Conyers advises White Mountain on its acquisition of Ark Insurance Holdings

Conyers advised White Mountains Insurance Group, Ltd. (NYSE: WTM) on its definitive agreement to invest fresh capital in and to acquire a majority interest in Ark Insurance Holdings Ltd, the ultimate parent company of Ark Syndicate Management Limited.

White Mountains will contribute US$605 million of equity capital to Ark, at a pre-money valuation of US$300 million and will also purchase US$41 million of shares from existing owners. White Mountains will commit to contribute up to an additional US$200 million of equity capital to Ark in 2021. Total post-closing capitalization will exceed US$800 million (and will exceed $1 billion if the additional US$200 million is contributed in full).

At closing, White Mountains will own 72% of Ark on a basic shares outstanding basis (63% on a fully-diluted, fully-converted basis, taking account of a sweat equity plan for the go-forward Ark management team). If the additional $200 million is contributed in full, White Mountains will own 77% of Ark on a basic shares outstanding basis (67% on a fully-diluted, fully-converted basis).

Director Chris Garrod and Associates Jacqueline King and Cathryn Minors worked on the matter alongside Slaughter and May.

 


Chris Garrod
Director, Insurance and Technology

Bermuda   +1 441 299 4923


Jacqueline King
Associate

Bermuda   +1 441 279 5327


Cathryn Minors
Associate

Bermuda   +1 441 299 4902


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