Edgewater Announces Sale of Helicon
CHICAGO – Edgewater Growth Capital Partners II has announced the sale of portfolio company Helicon Re Holdings to White Mountains Insurance Group.
Through its investment in Jan. 2006, Edgewater partnered with Folksamerica Reinsurance Company (a subsidiary of White Mountains) to create Helicon. Folksamerica is one of the leading reinsurance businesses with a 10-year history and approximately $1 billion of reinsurance underwriting each year.
Helicon was formed to take advantage of the supply and demand dislocation in the reinsurance marketplace caused by the hurricane events of 2005. Following these natural disasters, Helicon was able to generate an attractive return on capital through an increase in industry pricing as well as a reduction and diversification of risk.
Edgewater’s active involvement in the strategic direction of the business allowed the company to take advantage of its strong capital position within its marketplace, generate returns and position itself for an exit.