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    Edwards Wildman Advises Armour Group in Largest Insurance Runoff Transaction of the Year

    News
    OneBeacon Insurance Group recently announced it will sell its runoff business to an affiliate of Bermuda-based Armour Group Holdings Ltd. for around $107 million, subject to regulatory approval. Certain legal entities will be transferred to Armour from OneBeacon including assets, liabilities and capital supporting the run-off business as well as certain elements of the runoff business infrastructure which includes staff and office space. As of September 30, 2012, the gross reserves associated with OneBeacon's run-off business were in excess of $2.2 billion.

    The deal is expected to close in 2013 if approved by regulators. The deal team was led by Edwards Wildman partners Geoff Etherington and Chris Flanagan.

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