White Mountains reported that the Outrigger Re collateralized reinsurance sidecar, which supports its P&C insurance and reinsurance subsidiary Ark, continued to deliver positive income through the first-quarter of 2026, as even without having made a fresh sidecar investment for this year, benefits still flow for the company.
The level of capital in the sidecar vehicle declined to just $70 million, as Ark adopted a new strategy of using more traditional quota share reinsurance capacity.
At that renewal of the sidecar all of the $70 million of capital came from unaffiliated third-party investors, as White Mountains itself did not continue with an investment into the structure.
Previously, White Mountains has reported the income generated by its stake in the Outrigger Re sidecar each quarter, but with no fresh investment made for 2026 the reporting has changed somewhat.
But, White Mountains continues to benefit from results of prior year sidecar allocations, while the structure delivers some income that hits its reporting still via subsidiary Ark, it seems.
For the third-party investors backing Outrigger Re, it seems results from the first-quarter of 2026 will have been attractive, as Ark reported that WM Outrigger Re’s combined ratio was only 44% in the first quarter of 2026.
That suggests investors in the 2026 underwriting year vintage of the Outrigger Re sidecar will have seen positive returns on their capital in the last quarter, given the lack of major catastrophe losses and a loss and LAE ratio of just 11.1%.
Ark also reported, “Through March 31, 2026, WM Outrigger Re has generated pre-tax income of $57 million from the 2025
underwriting year, $29 million from the 2024 underwriting year and $76 million from the 2023 underwriting year.”
Some of those figures have risen since the full-year 2025 results, when White Mountains had reported pre-tax income of $55 million attributable to the 2025 underwriting year from the Outrigger Re sidecar investment.
Total revenues generated by the WM Outrigger Re segment in Q1 2026 were $3.9 million, with $2.7 million of pre-tax income generated and contributing to White Mountains results.
That income flows to the benefit of White Mountains, showing a continued source of earnings from the sidecar, even while not having made a fresh allocation to the reinsurance structure for the 2026 underwriting year.
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