S&P: White Mountains Re unaffected

Standard & Poor's said ratings on White Mountains Re Group Ltd. (BBB-/stable) and its subsidiaries Folksamerica Reinsurance Co. and Sirius International Insurance Corp. are not affected by the announcement that Folksamerica will take a pretax reserve charge of $140 million in the second quarter.

These reserve charges will be partially offset by an $80 million reserve release at Sirius, the agency said.

S&P said the affirmation reflects the company's very strong capital adequacy, strong commitments from parent White Mountains Insurance Group Ltd. (BBB/stable), good underwriting results from recent accident years and significantly reduced aggregate property catastrophe exposures from pre-2005 levels.

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