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December 2011
Cox Hallett Wilkinson (“CHW”) has advised Bermuda-based Old Lyme Insurance Company Ltd. (“Old Lyme”) in relation to the sale of its runoff loss reserve portfolio to a Bermuda reinsurance subsidiary of Sirius International Insurance Group Ltd., a wholly-owned subsidiary of White Mountains Insurance Group Ltd.
Old Lyme has been in runoff since 2008 and its loss reserves of approximately $23 million were transferred to the subsidiary via novation agreements.
The transaction was led by White Mountains Solutions, the specialist runoff acquisition team of Sirius Group, and represents the seventh runoff acquisition White Mountains Solutions has completed.
For further information please contact Ernest Morrison on 001 441 294 1503 or email emorrison@chw.com
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