Jennifer Costain, formerly in the structured finance and credit derivatives group at Ambac, has been hired by OneBeacon Asset Management to head its ABS investing initiative.

The firm was formed last July by parent company White Mountains Insurance Group, and currently manages an $11 billion portfolio, a chunk of which has yet to be invested.

Costain reports to David Linker, a senior vice president at the company. Costain had been at Ambac for about two years, and, prior to that, was an analyst in the CDO group at Fitch Ratings (then Fitch IBCA). Costain will focus on traditional asset-backeds and CDOs at OneBeacon. The firm also invests in MBS.

White Mountains is a Bermuda-based holding company, and, via its subsidiaries and affiliates, operates primarily in property and casualty reinsurance markets. Companies in the White Mountains group include OneBeacon Corp., Folksamerica Holding Co., American Centennial Insurance Co., Peninsula Insurance Co., and Main Street America Holdings.

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