Bermuda-based White Mountains Insurance Group, Ltd. announced today 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 Holdings Ltd., parent of Helicon Reinsurance Company, Ltd., had shareholders' equity of approximately $153 million as of Nov. 30, 2007.
Helicon Re in 2006 and 2007 provided quota share retrocessional coverage to White Mountains Re. White Mountains Re did not renew the quota share for this year, and Helicon Re was put into runoff.
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