Bermuda-based White Mountains Insurance Group Ltd. announced today that Berkshire Hathaway has agreed to a sale of its 16.3 percent stake in White Mountains for cash and stock valued at $836 million.
A.M. Best said there would be no ratings change for White Mountains as a result.
Under the terms of the agreement, Berkshire Hathaway would exchange all or substantially all of its 1,724,200 common shares for 100 percent of a White Mountains subsidiary, which will hold Commercial Casualty Insurance Company, International American Group Inc. and $751 million in cash, subject to adjustment.
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