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White Mountains reaches peak after Sirius sale

Jul 28, 2015 - The Deal Pipeline
Mergers and Acquisitions

Bermuda insurance holding company White Mountains Insurance Group Ltd. (WMT) said on Monday, July 27, it would sell its Sirius International Insurance Group Ltd. property and casualty specialist to a subsidiary of China Minsheng Investment Corp. Ltd. for about $2.24 billion.

The price is based on a valuation of 127.3% of Sirius' tangible shareholders' equity on closing, plus $10 million.

White Mountain said the sale will increase its adjusted book value by about $65 per share -- that...