Add-on Acquisition • Insurance

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 Context
  • This is White Mountains’ 6th transaction in the Insurance sector.
  • This is White Mountains’ 7th largest (disclosed) transaction.
  • This is White Mountains’ 4th transaction in Bermuda.

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M&A Deal Summary

Date February 26, 2008
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 Company

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 Overview 1

Buyer

White Mountains

Hamilton, Bermuda

Category Company
Founded 1980
Sector Insurance
Employees893
Revenue 2.4B USD (2024)
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 Context for Buyer #
Overall 6 of 26
Sector: Insurance 6 of 22
Type: Add-on Acquisition 3 of 8
Country: Bermuda 4 of 4
Year: 2008 3 of 3
Size (of disclosed) 7 of 9
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 Profile 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 Context for Seller #
Overall 8 of 43
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 -

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