White Mountains Solutions Holding Company has signed a definitive agreement with American International Group, for purchase of two subsidiaries of American General.
As part of the agreement, White Mountains Solutions, a specialist runoff acquisition unit of Bermuda-based White Mountains Insurance Group, will pay approximately $35m to acquire American General Indemnity Company and American General Property Insurance Company.
Subjected to customary closing conditions and regulatory approval from the Departments of Insurance in Illinois and Tennessee, the transaction is expected to close during the third quarter of 2012.
The company has recently entered into agreement with PICO Holdings (PICO) to acquire its Ohio-based Physicians Insurance and Citation Insurance Company for approximately $17m, subject to certain targeted pre-closing dividends.
White Mountains Insurance Group is a financial services firm, offering property and casualty insurance and reinsurance products through its subsidiaries.