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

White Mountains Insurance Group Ltd. (WTM) agreed to buy two units from PICO Holdings Inc. (PICO) 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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