M&A Deal Summary

White Mountains Acquires Sirius International Insurance Group

On December 9, 2003, White Mountains acquired insurance company Sirius International Insurance Group from ABB for 425M USD

Acquisition Highlights
  • This is White Mountains’ 2nd transaction in the Insurance sector.
  • This is White Mountains’ 2nd largest (disclosed) transaction.
  • This is White Mountains’ 2nd transaction in Bermuda.
Investment Fate
  • Sirius International Insurance Group was divested to a strategic buyer in 2015 for 2.2B USD.
  • Sirius International Insurance Group merged with another company in 2020.

M&A Deal Summary
Date 2003-12-09
Target Sirius International Insurance Group
Sector Insurance
Buyer(s) White Mountains
Sellers(s) ABB
Deal Type Divestiture
Deal Value 425M USD

Target

Sirius International Insurance Group

Hamilton, Bermuda
Sirius International Insurance Group, Ltd. is a provider of reinsurance services through its operating companies.

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Buyer(S) 1

Buyer

White Mountains

Hamilton, Bermuda
Category Company
Founded 1980
Sector Insurance
Employees782
Revenue 2.2B USD (2023)
DESCRIPTION

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.

DEAL STATS #
Overall 2 of 22
Sector (Insurance) 2 of 19
Type (Divestiture) 1 of 12
Country (Bermuda) 2 of 4
Year (2003) 1 of 1
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-12-11 Folksam International

Hamilton,, Bermuda

Folksam International Ltd. is a provider of reinsurance support for the international expansion.

Buy $65M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-15 Safeco Life & Investments Business

Redmond,, Washington, United States

Safeco Business Insurance, focuses mainly on group insurance, individual life insurance, structured settlements, retirement services and mutual funds.

Buy $1.4B

Seller(S) 1

SELLER

ABB

Zurich, Switzerland
Category Company
Founded 1883
Sector Engineering
Employees108,700
Revenue 32.2B USD (2023)
DESCRIPTION
Entrance to ABB's headquarters in Zurich, Switzerland.
Entrance to ABB's headquarters in Zurich, Switzerland.

ABB is an engineering company that helps customers use electrical power effectively and increase industrial productivity in a sustainable way. ABB creates and supports a range of products, systems and services that increase energy efficiency, reliability and productivity for a variety of industrial, utility, and transport and infrastructure customers. ABB was founded in 1883 and is based in Zurich, Switzerland.

DEAL STATS #
Overall 2 of 8
Sector (Insurance) 1 of 1
Type (Divestiture) 2 of 8
Country (Bermuda) 1 of 1
Year (2003) 1 of 1
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-12-10 ABB - Air Handling Equipment Business

Zurich, Switzerland

ABB - Air Handling Equipment Business is a provider of air handling equipment services.

Sell $225M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-27 Lummus Global

The Hague, Netherlands

Lummus Global is a provider of proprietary process technologies, project management and engineering, procurement and construction (EPC) management services to the upstream and downstream oil and gas, petrochemical and refining industries worldwide.

Sell $950M
Mergr

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