Bermuda-based White Mountains Re Group Ltd., a wholly owned subsidiary of White Mountains Insurance Group Ltd., announced that it agreed to sell its Sirius America subsidiary to an investor group led by Lightyear Capital. As part of the transaction, White Mountains will acquire an equity interest of approximately 18 percent in the acquiring entity.
White Mountains Re acquired Sirius America in 2004 as part of its acquisition of the Sirius group. Sirius America is a Delaware-domiciled primary underwriter of program specialty insurance. The transaction, which is subject to regulatory and other conditions, is expected to close during the summer of 2006.
White Mountains Re Group Ltd. is a Bermuda holding company whose operating companies offer lead reinsurance capacity for property, casualty, accident & health, marine, and aviation exposures.
Was this article valuable?
Here are more articles you may enjoy.
Lemonade Books Q4 Net Loss of $21.7M as Customer Count Grows 
Former Broker, Co-Defendant Sentenced to 20 Years in Fraudulent ACA Sign-Ups 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
Viewpoint: Runoff Specialists Have Evolved Into Key Strategic Partners for Insurers 
