Armour completes OneBeacon run-off deal
Bermuda-based Armour Group Holdings Ltd has completed the acquisition of the OneBeacon run-off business.
Armour said last night that the transaction included the acquisition of the legal entities, including the assets, liabilities and capital, which comprise the run-off. The transaction also includes the transfer of certain staff and infrastructure related to the run-off, the statement added.
The deal was first announced two years ago, when Armour said the OneBeacon operation came with $2.2 billion of reserves.
Brad Huntington, chairman and chief executive officer of Armour, said: “We are delighted to see the completion of this transaction. I would like to personally thank the members of the Armour and OneBeacon teams involved in this transaction for their hard work, and to welcome the addition of the OneBeacon run-off team members to the Armour group.”
The deal was announced just two weeks after Armour announced the acquisition of Mexico's largest title insurer, Fidelity National Title de Mexico, SA de CV, which has been renamed Armour Secure Insurance SA de CV.
Armour Group was founded by former Imagine Group executives John Williams and Mr Huntingdon in 2007. It is based in the Bermuda Commercial Bank building on Par-la-Ville Road. It also has offices in London and Philadelphia. It employs around 80 people, of which six work in Bermuda.
Armour describes itself as a group of insurance, reinsurance, investment management and service companies.