NU Online News Service, June 21, 12:43 p.m. EDT
White Mountains Solutions Holding Co. says it has entered into a definitive agreement to acquire Physicians Insurance of Ohio and Citation Insurance Company from PICO Holdings, Inc.
Physicians Insurance and Citation Insurance ceased underwriting in the mid-1990s and have been in runoff since that time.
Under the terms of the agreement, White Mountains Solutions will pay approximately $17 million subject to certain targeted pre-closing dividends. The transaction and related dividends are subject to Department of Insurance approvals in both California and Ohio.
“This acquisition continues our long track record of success in completing runoff acquisitions that allow sellers to achieve a clean exit from the insurance business,” says Neal Wasserman, president of White Mountains Solutions in a statement.
White Mountains says this is the eighth runoff acquisition by the White Mountains Solutions team. The transaction is expected to close during the third quarter of 2012, subject to regulatory approvals and other customary closing conditions.
White Mountains Solutions is a wholly owned subsidiary of White Mountains Insurance Group, Ltd. White Mountains Insurance Group, Ltd. is a Bermuda-domiciled financial services holding company.
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