Sirius Acquires Loss Reserve Portfolio
Sirius International Insurance Group, a wholly owned subsidiary of Bermuda’s White Mountains Insurance Group, announced today [Jan. 6] that it had acquired the runoff loss reserve portfolio of Old Lyme Insurance Company Ltd.
Bermuda reinsurer Old Lyme has been in runoff since 2008.
Old Lyme loss reserves of approximately $23 million were transferred via novation agreements into a Bermuda reinsurance subsidiary of Sirius Group.
The transaction closed on December 30, 2011 and was led by White Mountains Solutions — the specialist runoff acquisition team of Sirius Group.
Old Lyme is the seventh runoff acquisition White Mountains Solutions has completed.
“We are pleased by the successful conclusion of the Old Lyme transaction,” commented Neal Wasserman, president of White Mountains Solutions. “This was a somewhat unusual transaction structure for the runoff sector – and represents an example of our flexibility in working with clients to find creative solutions for bringing closure to their legacy liabilities.”
Sirius Group is a wholly owned subsidiary of White Mountains Insurance Group, Ltd. White Mountains Insurance Group, Ltd. is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange.
