PRESIDENTIAL TRAVERSE, N.H. — When Dana Albrycht began planning for his annual hike, he decided that this year it needed to be big.

He chose the Presidential Traverse, a formidable string of eight summits stretching through the White Mountains of New Hampshire that includes the highest peak in the northeastern United States — Mount Washington. Albrycht, who had his right leg removed when he was 11 months old, hiked 21 miles from just before midnight on Sept. 19 to early evening on Sept. 21 when he finished — the most miles he ever logged in a two-day span.

As he planned the trip with three of his best friends, Albrycht, whose trail name is Crutchwalker, knew that he wanted use this hike to make a difference. The pandemic was having a severe impact on local and regional adaptive programs that serve people with disabilities where he lives in Simsbury, Conn., and he felt he had found an opportunity to create a fund-raiser to give back to the programs that he finds to be so crucial.

Albrycht has raised more than $7,000 through GoFundMe (https://www.gofundme.com/f/crutchwalker-hiking-to-help-the-disabled ) and plans to distribute the donations among the following organizations and programs that directly serve the disabled community: The Hospital for Special Care Adaptive Sports Program, Children and Teens Living with a Disability Mentorship Program, New England Disabled Sports, and True Adaptive LLC.

“There was never a single moment I regretted taking on this challenge, said Albrycht, after finishing the hike last week. “I live for trying to push my body to its limits and showing others what is possible for someone who is facing some sort of obstacle, and in my case that’s having a disability.”

Dana Albrycht (center) looked out over the White Mountains while hiking the Presidential Traverse with his friends Brett Attmore (left) and Michael Thompson.
Dana Albrycht (center) looked out over the White Mountains while hiking the Presidential Traverse with his friends Brett

White Mountains Insurance Group (NYSE:WTM) entered into a definitive agreement to invest fresh capital in and to acquire a majority interest in Ark Insurance Holdings, ultimate parent company of Ark Syndicate Management.

White Mountains will contribute $605M of equity capital to Ark, at a pre-money valuation of $300M; also will purchase $41M of shares from existing owners.

Total post-closing capitalization will exceed $800M.

In 2021, White Mountains will commit to contribute up to an additional $200M of equity capital.

Transaction expected to close in January 2021 when White Mountains will own 72% (77% if additional $200M invested) of Ark on a basic shares outstanding basis; remaining will be owned by management rollover shareholders.

In the future, management rollover shareholders could earn additional shares in the company if and to the extent that White Mountains achieves certain multiple of invested capital return thresholds.

Ark is a leading Lloyd’s platform, managing underwriting of syndicates 4020 and 3902, well positioned to take advantage of the hardening market in property & casualty insurance; currently has ~$500M of stamp capacity.

Source Article

HAMILTON, Bermuda, Oct. 1, 2020 /PRNewswire/ — White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it has entered into a 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.

Ark is a leading Lloyd’s platform well positioned to take advantage of the hardening market in property & casualty insurance.  Founded in 2007 by Ian Beaton and Nick Bonnar, Ark manages the underwriting of syndicates 4020 and 3902 at Lloyd’s. The syndicates underwrite a diversified and balanced portfolio of reinsurance and insurance, including property, accident & health, energy, marine and political risks.  Ark currently has approximately $500 million of stamp capacity.  With White Mountains’ capital, Ark plans to grow its business substantially by (i) increasing aligned capacity at its Lloyd’s syndicates to 100%, (ii) increasing overall stamp capacity, (iii) converting Ark’s existing Bermuda reinsurance entity into a Class 4 reinsurer and (iv) hiring talented underwriters in the London and Bermuda markets.

Manning Rountree, CEO of White Mountains, said “Ian, Nick and the rest of the Ark team have built a high-quality insurance business that puts underwriting first.  We are delighted to partner with them, and we are excited about the market opportunity in front of us.”

Ian Beaton, CEO of Ark, said “We are delighted to have found the right capital partner in White Mountains, an institution with a long track record of successful insurance partnerships.  We look forward to a fruitful relationship.”

White Mountains will contribute $605 million of equity capital to Ark, at a pre-money valuation of $300 million and will also purchase $41 million of shares from existing owners.  White Mountains will commit to contribute up to an additional $200 million of equity capital to Ark