NU Online News Service, April 1, 2004, 4:11 p.m. EST – Folksamerica Holding Company Inc., New York, has completed previously announced plans to acquire a workers’ compensation unit from Sierra Health Services Inc., Las Vegas.[@@]
Sierra agreed to sell the unit, California Indemnity Insurance Company Inc., in November 2003 for $15.5 million in cash up front and up to $64 million in performance-based payments.
Sierra hopes to collect the performance-based payments, which will depend on California Indemnity’s claims and other expenses, in January 2010.
Folksamerica is a subsidiary of White Mountains Insurance Group Ltd., Hamilton, Bermuda.