|Shares Out. (in M):||8||P/E||0.0x||0.0x|
|Market Cap (in $M):||2,642||P/FCF||0.0x||0.0x|
|Net Debt (in $M):||0||EBIT||0||0|
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The target security of this report is issued out of the subsidiary White Mountains RE.
The White Mountains Re segment consists of White Mountains Re Ltd., an exempted Bermuda limited liability company, and its subsidiaries. White Mountains Re offers reinsurance capacity for property, casualty, accident & health, agriculture, aviation and space, and certain other exposures on a worldwide basis.
Detail on WTM Re classes of business: Property Casualty Excess 22%, Other Porperty 30%, Casualty 10%, Accident&Health 20%, Agriculture 2%, Aviation 6%, other 9%.
Long position on: White Mountains Re Preference Shares is a $250 million Fixed/Floating Perpetual non-Cumulative Preference Shares, paid semi-annually. The Fixed Rate period will pay 7.506% until June 30, 2017, when the Floating Rate Period begins, after which, the coupon paid will be the greater of i) three month Libor + 320 bps and ii) 7.506%.
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