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March 11, 2008 at 10:23 PM
White Mountains Insurance Group Ltd. has agreed to pay $751 million in cash and two runoff property-casualty businesses for the White Mountains shares now owned by Berkshire Hathaway Inc.
Berkshire Hathaway, Omaha, Neb., owns about 16% of the stock of White Mountains, Hamilton, Bermuda, according to White Mountains.
White Mountains and Berkshire Hathaway have both been major investors in Symetra Financial Corp., Bellevue, Wash., a life insurer that was spun off from Safeco Corp., Seattle, in 2004.
The two insurance companies Berkshire Hathaway will be getting are Commercial Casualty Insurance Company, Los Angeles, and International American Group Inc., Wilmington, Del.
Commercial Casualty and International American ended 2007 with about $435 million in combined assets, White Mountains says.
