White Mountains Insurance Group Ltd. (WTM: Quote) said that its wholly owned subsidiary, White Mountains Solutions Holding Company, entered into a definitive agreement with American International Group Inc (AIG: Quote) to acquire American General Indemnity Company and American General Property Insurance Company from subsidiaries of American General.
As per the terms of the agreement, White Mountains Solutions will pay approximately $35 million. The transaction is expected to close during the third quarter of 2012, subject to customary closing conditions and regulatory approval from the Departments of Insurance in Illinois and Tennessee.
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by RTT Staff Writer
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