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...
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