White Mountains Solutions Holding Company has signed a definitive agreement to buy a runoff insurance subsidiary of Leucadia National Corporation (LUK), Empire Insurance.
Subject to customary closing conditions and regulatory approval from the New York Department of Financial Services, the transaction is expected to close during the second quarter of 2013.
White Mountains is a financial services firm, offering property and casualty insurance and reinsurance products through its subsidiaries.
The company had also entered into definitive agreement for acquisition of American Fuji Fire and Marine Insurance Company from US insurer, American International Group (AIG) in December 2012.
The transaction is subjected to customary closing conditions and regulatory approval from the Departments of Insurance in Illinois, and is expected to close during the first quarter of 2013.