M&A Deal Summary

White Mountains Acquires Helicon Re Holdings

On February 26, 2008, White Mountains acquired insurance company Helicon Re Holdings from The Edgewater Funds for 150M USD

Acquisition Highlights
  • This is White Mountains’ 6th transaction in the Insurance sector.
  • This is White Mountains’ 6th largest (disclosed) transaction.
  • This is White Mountains’ 4th transaction in Bermuda.

M&A Deal Summary
Date 2008-02-26
Target Helicon Re Holdings
Sector Insurance
Buyer(s) White Mountains
Sellers(s) The Edgewater Funds
Deal Type Add-on Acquisition
Deal Value 150M USD

Target

Helicon Re Holdings

Hamilton, Bermuda
Helicon Re Holdings Ltd. is a specialty reinsurer focused on the property excess and marine excess reinsurance market.

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Buyer(S) 1

Buyer

White Mountains

Hamilton, Bermuda
Category Company
Founded 1980
Sector Insurance
Employees782
Revenue 2.2B USD (2023)
DESCRIPTION

White Mountains is a domiciled financial services holding company with business interests in property and casualty insurance and reinsurance. White Mountains was founded in 1980 and is based in Hamilton, Bermuda.

DEAL STATS #
Overall 6 of 22
Sector (Insurance) 6 of 19
Type (Add-on Acquisition) 3 of 7
Country (Bermuda) 4 of 4
Year (2008) 3 of 3
Size (of disclosed) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-22 Answer Financial

Encino, California, United States

Answer Financial, is an online personal insurance agencies, with more than 275,000 policies in-force.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-22 Central National Insurance Company of Omaha

Omaha,, Nebraska, United States

Central National Insurance Co. of Omaha operates as an insurance company engaged in servicing existing policies and claims.

Buy $5M

Seller(S) 1

SELLER

The Edgewater Funds

Chicago, Illinois, United States
Category Private Equity Firm
Founded 1991
PE ASSETS 2.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Edgewater Funds is a private equity firm that targets investments in profitable, middle-market growth companies. Target companies typically have revenues of $20 to $500 million in revenue and EBITDA of $5 to $30 million. The Firm will consider minority and control investments in the form of growth capital financings and traditional buyouts. Edgewater looks for North American businesses operating in a variety of industries. Sectors of interest include business services; financial and government services; consumer products and services; healthcare; IT services and software; and industrial/manufacturing. Edgewater was formed in 1991 and is based in Chicago, Illinois.

DEAL STATS #
Overall 8 of 42
Sector (Insurance) 1 of 2
Type (Add-on Acquisition) 6 of 19
Country (Bermuda) 1 of 1
Year (2008) 1 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-31 Extended Care Information Network

Chicago, Illinois, United States

Extended Care Information Network, Inc. is a provider in patient discharge planning and utilization management systems that assist hospitals in streamlining workflow, increasing productivity, accelerating payment from insurance companies, improving patient throughput, and reducing length-of-stay.

Sell $94M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-20 Genesis Financial Solutions

Beaverton, Oregon, United States

Genesis Financial Solutions, Inc. is a consumer finance company focused on the acquisition and origination of credit cards and student loans. Genesis partners with banks, career colleges and other consumer-oriented organizations to create customized lending programs.

Buy -
Mergr

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