White Mountains adds to legacy portfolio
White Mountains Insurance Group's specialist legacy acquisition unit has added to its portfolio with a deal to buy two PICO Holdings subsidiaries for $17mn.
The transaction, which is subject to regulatory approvals and the payment of pre-closing dividends, sees White Mountains Solutions buy commercial insurer Physicians Insurance of Ohio and medical malpractice liability underwriter Citation Insurance Company from PICO.
Commenting on the deal, Neal Wasserman, president of White Mountains Solutions, said: "This acquisition continues our long track record of success...
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