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White Mountains Re Agrees to Sell Sirius America to Investor Group Led by Lightyear Capital
Hamilton, Bermuda: April 12, 2006 - White Mountains Re Group, Ltd., a wholly owned subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM), today announced that it had agreed to sell its Sirius America subsidiary to an investor group led by Lightyear Capital. As part of the transaction, White Mountains will acquire an equity interest of approximately 18% in the acquiring entity.
White Mountains Re acquired Sirius America in 2004 as part of its acquisition of the Sirius group. Sirius America is a Delaware-domiciled primary underwriter of program specialty insurance. The transaction, which is subject to regulatory and other conditions, is expected to close during the summer of 2006.