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White Mountains Solutions to Acquire Empire Insurance from Leucadia National
By: PR Newswire
Feb. 19, 2013 04:31 PM
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
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:
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.
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