Bermuda-based White Mountains Insurance Group, Ltd. announcedtoday that White Mountains Re has acquired Helicon Re Holdings,Ltd.–which is in runoff–for approximately $150 million.

White Mountains said in a statement that Helicon Re HoldingsLtd., parent of Helicon Reinsurance Company, Ltd., hadshareholders' equity of approximately $153 million as of Nov. 30,2007.

Helicon Re in 2006 and 2007 provided quota share retrocessionalcoverage to White Mountains Re. White Mountains Re did not renewthe quota share for this year, and Helicon Re was put intorunoff.

Allan Waters, CEO of White Mountains Re, said deterioratingmarket conditions in the property catastrophe business means “we nolonger needed retrocessional capacity from Olympus Re and HeliconRe, and terminated our contracts with them.”

He said the transaction means the firm will acquire“approximately $14 million of unearned premiums and a strongbalance sheet. We believe the runoff of the reserves over the nextfew months will add value to White Mountains.”