White Mountains Re has agreed to sell its Sirius America subsidiary to an investor group led by Lightyear Capital for approximately $139m.
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 primary underwriter of programme specialty insurance.
The transaction, which is subject to regulatory and other conditions, is expected to close during the summer of 2006.
