White Mountains Solutions to Acquire Two Runoff Subsidiaries of PICO Holdings for $17M
White Mountains Solutions Holding Company (White Mountains Solutions), a wholly owned subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM) and the group's specialist runoff acquisition operation, announced today that it had entered into a definitive agreement to acquire Physicians Insurance of Ohio and Citation Insurance Company from PICO Holdings, Inc. (NASDAQ: PICO).
Both companies ceased underwriting in the mid-1990's 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.
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