Deals
China Minsheng Investment to Acquire Sirius for $2.2 Billion
This article is for subscribers only.
White Mountains Insurance Group Ltd. agreed to sell Sirius International Insurance Group Ltd. for about $2.2 billion to an arm of China Minsheng Investment Corp.
The price for the reinsurer will be 127 percent of shareholders’ equity, plus $10 million, White Mountains said Monday in a statement. The $2.2 billion figure is based on the measure of assets minus liabilities as of Dec. 31. China Minsheng Investment, or CMI, is a Shanghai-based firm that was founded last year, according to the statement.