White Mountains - M&A Summary and Business Overview

InsuranceCompany

White Mountains M&A Summary

White Mountains has acquired 23 companies, including 4 in the last 5 years. A total of 3 acquisitions came from private equity firms. It has also divested 7 assets.

White Mountains’ largest acquisition to date was in 2004, when it acquired Safeco Life & Investments Business for $1.4B. It’s largest disclosed sale occurred in 2015, when it sold Sirius International Insurance Group to for $2.2B. White Mountains has acquired in 13 different US states, and 3 countries. The Company’s most targeted sectors include insurance (87%) and digital media (5%).

White Mountains Business Overview

Where is White Mountains headquartered?

White Mountains is headquartered in Hamilton, Bermuda.

What is White Mountains’ revenue?

White Mountains disclosed revenue of 2,167M USD for 2023 and 1,158M USD for 2022.

How many employees does White Mountains have?

White Mountains has 782 employees.

What sector is White Mountains in?

White Mountains is an insurance company.

When was White Mountains founded?

White Mountains was founded in 1980.

M&A Summary

  • M&A Total Activity29
    • M&A Buy Activity22
    • M&A Sell Activity7
  • Total Sectors Invested 4
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 16
  • M&A Advisors 3

White Mountains

White Mountains Insurance Group Ltd.

A.S. Cooper Building, Suite 601, 26 Reid Street,
Hamilton, HM 11
Bermuda,
+441 278 3160
www.whitemountains.com

White Mountains is a domiciled financial services holding company with business interests in property and casualty insurance and reinsurance. White Mountains was founded in 1980 and is based in Hamilton, Bermuda.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 20 1 - - 1 - 22
vol $2.8B $2.8B
Sell (0.4/yr) # 5 - 1 1 - - 7
vol $2.2B $1.8B $4.0B
  29

Most Recent M&A

Company Date Value Type
Bamboo Ide8 Insurance Services LLC 2023-10-20 - Add-on Acquisition
Midvale, Utah · www.bambooinsurance.com
NSM Insurance Group 2022-05-09 1.8B USD Divestiture
Conshohocken, Pennsylvania · www.nsminc.com
Noblr, Inc. 2021-06-10 - Divestiture
San Francisco, California · www.noblr.com
Ark Syndicate Management Ltd. 2020-10-01 - Add-on Acquisition
London, United Kingdom · www.arkunderwriting.com
Elementum Advisors LLC 2019-06-03 - Add-on Acquisition
Chicago, Illinois · www.elementumadvisors.com
QuoteLab LLC 2019-02-04 - Stake Sale
Los Angeles, California · www.mediaalpha.com
Noblr, Inc. 2019-01-07 - Stake Purchase
San Francisco, California · www.noblr.com
NSM Insurance Group 2018-04-02 388M USD Divestiture
Conshohocken, Pennsylvania · www.nsminc.com
MG LLC 2016-06-09 - Divestiture
Fort Lee, New Jersey · www.letstranzact.com
Sirius International Insurance Group, Ltd. 2015-07-27 2.2B USD Divestiture
Hamilton, Bermuda · www.siriusintlgrp.com
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Folksamerica Holding Company, Inc.    - Sierra Insurance Company of Texas 2003-11-25 3
New York, New York Dallas, Texas
Folksamerica Holding Company, Inc.    - PCA Property and Casualty Co. 2000-03-31 2
New York, New York Longwood, Florida
Folksamerica Holding Company, Inc.    - USF Re Insurance Co. 1999-12-30 1
New York, New York Costa Mesa,, California

M&A by Sector

Sector Buy # Value Sell # Value
Insurance 19 (86%) 2.5B (90%) 4 (57%) 4.0B (100%)
Digital Media 1 (5%) - 1 (14%) -
Marketing 1 (5%) 280M (10%) 1 (14%) -
Financial Services 1 (5%) - - -
Internet Software and Services - - 1 (14%) -
Total 22 $2.8B 7 $4.0B

By Geo

State/Country Buy Value Sell Value
United States 17 2.0B 6 1.8B
  California 3 - 4 -
  Nebraska 2 5M - -
  Illinois 2 - - -
  Pennsylvania 1 388M 1 1.8B
  New Jersey 1 280M 1 -
  Washington 1 1.4B - -
  Utah 1 - - -
  Tennessee 1 - - -
  Ohio 1 - - -
  New York 1 - - -
  Massachusetts 1 - - -
  Florida 1 - - -
Bermuda 4 790M 1 2.2B
United Kingdom 1 - - -
Domestic 4 (18%) 790M (28%) 1 (14%) 2.2B (55%)
Cross-border 18 (82%) 2.0B (72%) 6 (86%) 1.8B (45%)
Total 22 $2.8B 7 $4.0B

Top M&A Advisors

Financial Deals
J.P. Morgan Securities
1
Legal Deals
Cravath, Swaine & Moore
6
Slaughter and May
1

Deal Values

buy # Total
> $1B 1 $1.4B
$100M to $1B 5 $1.4B
< $100M 2 $70M
TOTAL $2.8B
Largest Safeco Life & Investments Business
$1.4B (2004-03-15)
sell # Total
> $1B 2 $4.0B
TOTAL $4.0B
Largest Sirius International Insurance Group, Ltd.
$2.2B (2015-07-27)

M&A Connections

Deals
Acquired from
Investor(s)
9%
2 (9%)
Strategic(s)
55%
12 (55%)
Divested to
Investor(s)
43%
3 (43%)
Strategic(s)
43%
3 (43%)

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