White Mountains Completes Sale of Sirius Group

By a News Reporter-Staff News Editor at Insurance Weekly News -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced that it has completed the sale of Sirius International Insurance Group, Ltd. to a subsidiary of CM International Holding Pte. Ltd., the Singapore-based investment arm of China Minsheng Investment Corp., Ltd. The gross estimated purchase price paid at the closing was $2,592 million. Approximately $160 million of this amount was used to purchase out of Sirius Group certain assets to be retained by White Mountains, including shares of OneBeacon. The transaction is estimated to result in a gain of approximately $90 to White Mountains's adjusted book value per share.

White Mountains is in a quiet period until earnings are released on May 2.

Keywords for this news article include: White Mountains Insurance Group Ltd.

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