Bloomberg News

White Mountains to Buy Runoff Insurers From PICO for $17 Million

June 20, 2012

White Mountains Insurance Group Ltd. (WTM:US) agreed to buy two units from PICO Holdings Inc. (PICO:US) that ceased writing new policies in the 1990s.

White Mountains will pay about $17 million for Physicians Insurance of Ohio and Citation Insurance Co., assuming assets and liabilities from the so-called runoff companies, the buyer said in a statement today.

To contact the reporter on this story: Steven Norton in New York at Snorton7@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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Companies Mentioned

  • WTM
    (White Mountains Insurance Group Ltd)
    • $644.11 USD
    • 5.11
    • 0.79%
  • PICO
    (PICO Holdings Inc)
    • $18.95 USD
    • -0.01
    • -0.05%
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