Describing the wipeout of original investors in a sidecar for White Mountains' reinsurer as a "sorry chapter" in the history of such vehicles, Chairman Jack Byrne tried to dole out reassuring words to his company's shareholders last month.
His remarks–along with those of Steve Fass, president and chief executive officer–at times revealed the tensions of acting in the best interests of the public shareholders of a reinsurer while remaining in the good graces of private investors in a sidecar.
During an early morning conference call on June 20, Mr. Byrne responded to concerns of analysts and investors in Bermuda-based White Mountains Insurance Group that bubbled up after a series of announcements regarding reinsurance subsidiary Folksamerica Reinsurance Company and its sidecar, Olympus Reinsurance.
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