White Mountains Solutions to Acquire Empire Insurance from Leucadia National PR Newswire GLASTONBURY, Conn., Feb. 19, 2013 GLASTONBURY, Conn., Feb. 19, 2013 /PRNewswire/ --White Mountains Solutions Holding Company announced today that it had entered into a definitive agreement to acquire Empire Insurance Company; a runoff insurance subsidiary of Leucadia National Corporation (LUK). The transaction is expected to close during the second quarter of 2013 subject to customary closing conditions and regulatory approval from the New York Department of Financial Services. White Mountains Solutions Holding Company is a wholly owned subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM) and the group's specialist runoff acquisition operation. White Mountains Insurance Group, Ltd. is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional financial information and other items of interest are available on the company's website at www.whitemountains.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release may contain "forward-looking statements" within the meaning of Section27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains': ochange in adjusted book value per share or return on equity; obusiness strategy; ofinancial and operating targets or plans; oincurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; oprojections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; oexpansion and growth of our business and operations; and ofuture capital expenditures. These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including: othe risks associated with Item 1A of White Mountains' 2011 Annual Report on Form 10-K and Item 1A in Part II of White Mountains' September 30, 2012 Quarterly Report on Form 10-Q; oclaims arising from catastrophic events, such as hurricanes, earthquakes, floods, fires, terrorist attacks or severe winter weather; othe continued availability of capital and financing; ogeneral economic, market or business conditions; obusiness opportunities (or lack thereof) that may be presented to it and pursued; ocompetitive forces, including the conduct of other property and casualty insurers and reinsurers; ochanges in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; oan economic downturn or other economic conditions adversely affecting its financial position; orecorded loss reserves subsequently proving to have been inadequate; oactions taken by ratings agencies from time to time, such as financial strength or credit ratings downgrades or placing ratings on negative watch; oother factors, most of which are beyond White Mountains' control. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: Neal Wasserman, (860) 368-2003 SOURCE White Mountains Insurance Group, Ltd. Website: http://www.whitemountains.com
White Mountains Solutions to Acquire Empire Insurance from Leucadia National
Press spacebar to pause and continue. Press esc to stop.