Armour Group to buy $2.2bn of OneBeacon legacy reserves
Bermuda-based insurer OneBeacon has agreed to sell $2.2bn of
gross reserves to Armour Group Holdings.
The transaction will see Armour Group purchase all of
OneBeacon's non-specialty legacy business, including its
asbestos exposures, and will complete OneBeacon's
transformation into a pure specialty underwriter.
In a letter to shareholders, White Mountains chairman Ray
Barrette described the transaction as "a huge step" that
would improve OneBeacon's return on equity.
White Mountains owns around 75 percent of OneBeacon.
"This is a clean exit from...
You are currently viewing an incomplete version of this article. If you are a subscriber then please login now. If you are a non-subscriber but would like to be able to view this article, then please select from the purchasing options below.
Purchase
Follow us:
