White Mountains (WTM) Unit to Acquire Two American General Subsidiaries in $35M Deal
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White Mountains Solutions Holding Company (White Mountains Solutions), a wholly owned subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM) and the group's specialist runoff acquisition operation, entered into a definitive agreement with American International Group, Inc. to acquire American General Indemnity Company and American General Property Insurance Company from subsidiaries of American General.
Under the terms of the agreement, White Mountains Solutions will pay approximately $35 million. The transaction is expected to close during the third quarter of 2012, subject to customary closing conditions and regulatory approval from the Departments of Insurance in Illinois and Tennessee.
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Under the terms of the agreement, White Mountains Solutions will pay approximately $35 million. The transaction is expected to close during the third quarter of 2012, subject to customary closing conditions and regulatory approval from the Departments of Insurance in Illinois and Tennessee.
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