Moody's: White Mountains unaffected

Moody's Investors Service said that the ratings of the rated subsidiaries of the White Mountains Insurance Group, Ltd. were unaffected by White Mountains' July 23 announcement that it had capitalized a new subsidiary, HG Global Ltd., with roughly $600 million to fund Build America Mutual Assurance Co.,

Build America has been capitalized with $500 million in surplus notes issued to the HG Global group and will receive first-loss reinsurance support from HG Re Ltd.

White Mountains plans to syndicate up to $110 million of its roughly $600 million investment in HG Global in the near future, Moody's said.

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