White Mountains to Buy Runoff Insurers From PICO for $17 Million
By -
Jun 20, 2012
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