White Mountains Re To Buy Central National Insurance
January 25, 2010 (FinancialWire) — White Mountains Re Ltd., a wholly owned subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM) said it has entered into a definitive agreement to acquire Central National Insurance company of Omaha from Drum Financial Corp.
Under the terms of the agreement, White Mountains Re will pay around $5 million. Central National’s statutory surplus as of September 30, 2009 was $13.3 million.
In runoff since 1989, Central National has been operated under an order of Rehabilitation in the State of Nebraska since 1990.
Among other conditions, the transaction is subject to the termination of the rehabilitation proceedings by the court and the approval of the Nebraska Department of Insurance.
White Mountains Re said it expects the transaction to close during the first quarter of 2010.
Bermuda-based White Mountains Insurance is a financial services holding company.
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