White Mountains to Acquire 2 Runoff Subsidiaries From AIG Division

White Mountains Solutions Holding Co., a specialist runoff acquisition operation for White Mountains Insurance Group Ltd., is continuing its acquisition activities.

White Mountains Solutions said it has entered into an agreement to acquire two runoff subsidiaries — American General Indemnity Co. and American General Property Insurance Co. — from American General, part of N.Y.-headquartered American International Group.

Under the terms of the agreement, White Mountains Solutions will pay some $35 million. The deal is expected to close during the third quarter of 2012, subject to customary closing conditions and regulatory approval.

White Mountains Insurance Group is a Bermuda-domiciled financial services holding company. The company has been active in legacy deal making. Last week, White Mountains Solutions said it is acquiring Physicians Insurance of Ohio and Citation Insurance Co. from PICO Holdings for approximately $17 million. Both units had ceased underwriting in the mid-1990s and have been in runoff since that time.

Topics Mergers & Acquisitions AIG