(RTTNews) - White Mountains Insurance Group (WTM) has entered into an agreement to acquire a majority stake in Distinguished Programs, an MGA and program administrator for specialty property & casualty insurance. White Mountains will acquire approximately 50% of Distinguished's outstanding equity interests for $230 million. The company currently owns approximately 1% of Distinguished's outstanding equity interests. Following the acquisition, White Mountains will own a 51% controlling interest in Distinguished.
Distinguished is an MGA and program manager placing in excess of $550 million in premiums annually across a diversified portfolio of 12 specialty property and casualty programs. Aquiline Capital Partners, the current controlling equityholder of Distinguished, will remain a significant minority equityholder.
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