White Mountains Completes Acquisitions of AIG, PICO Runoffs

December 3, 2012

White Mountains Solutions Holding Co. Inc., a wholly owned subsidiary of White Mountains Insurance Group Ltd. and the group’s specialist runoff acquisition operation, said it has completed the acquisition of four runoff entities following receipt of all regulatory approvals.

The transactions, which were announced this past June, entail the acquisition of Physicians Insurance Co. of Ohio and Citation Insurance Co. from PICO Holdings and also the acquisition of two American International Group (AIG) runoff subsidiaries, American General Indemnity Co. and American General Property Insurance Co.

Under the terms of the agreement with AIG, White Mountains Solutions said it will pay $35 million.

PICO Holdings’ Physicians Insurance of Ohio and Citation Insurance Co. ceased underwriting in the mid-1990s and have been in runoff since that time. Under the terms of the agreement with PICO, White Mountains Solutions said it will pay approximately $17 million subject to certain targeted pre-closing dividends.

White Mountains Insurance Group Ltd. is a Bermuda-domiciled financial services holding company.

 

 

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