White Mountains Insurance Group, Ltd. entered into a definitive agreement to acquire a 51% stake in Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $230 million.

Published: 2025-07-07 12:36:17 ET WTM

Published on 07/07/2025 at 12:36, updated on 07/07/2025 at 12:50

White Mountains Insurance Group, Ltd. (NYSE:WTM) entered into a definitive agreement to acquire a 51% stake Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $230 million on July 4, 2025. Distinguished will continue to be led by industry veterans Bill Malloy (CEO), Jason Rotman (President) and Steve Sitterly (COO), and no major changes in management or strategy are foreseen as part of the transaction. Key existing shareholders, including Aquiline Capital, will remain significant minority owners.

Completion of the Transactions is subject to receipt of certain regulatory approvals and other customary closing conditions. There is no condition with respect to the availability of financing to consummate the Transactions. Completion of the Transactions does not require the approval of the White Mountains shareholders.

The Transactions are expected to close in the third quarter of 2025. Cravath, Swaine & Moore LLP acted as legal advisor to White Mountains. Willkie Farr & Gallagher LLP acted as legal advisor to the Company and Aquiline.

Mayer Brown LLP acted as legal advisor the Company?s management team. Guy Carpenter Capital & Advisory provided a fairness opinion to Aquiline.