White Mountains Insurance Group Ltd. has acquired a minority stake in Elementum Advisors LLC for undisclosed terms.

White Mountains will also inject $50 million across the asset manager's funds. Elementum's principals will still hold a majority stake in the company and control its operations.

Cravath Swaine & Moore LLP acted as legal adviser to White Mountains. Kirkland & Ellis LLP served as legal adviser to Elementum, and TigerRisk Capital Markets & Advisory was the asset manager's financial adviser.

Elementum focuses on managing investment portfolios that are exposed to natural catastrophe event risk.