Specialty insurer Sirius America was put on ratings watch by A.M. Best Co. yesterday after its parent company, White Mountain, announced it will be sold to an investor's group for $139 million.
White Mountains Re Group, Ltd., a wholly-owned subsidiary of Hamilton, Bermuda-based White Mountains Insurance Group, Ltd., said it agreed to sell its Sirius America subsidiary to an investor group led by Lightyear Capital. As part of the transaction, White Mountains said it would acquire an equity interest of approximately 18 percent in Lightyear.
The carrier said it 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.
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