NU Online News Service, Jan. 25, 3:41 p.m. EST
White Mountains Re Ltd. said it has agreed to acquire the bankrupt Central National Insurance Company of Omaha from Drum Financial Corp. for $5 million.
In runoff since 1989, Central National has been operated under an order of rehabilitation in the State of Nebraska since 1990. The purchase transaction, among other conditions, is subject to the termination of the rehabilitation proceedings by the court and the approval of the Nebraska Department of Insurance.
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