M&A Deal Summary

Folksamerica Holding Company Acquires Sierra Insurance Company of Texas

On November 25, 2003, Folksamerica Holding Company acquired insurance company Sierra Insurance Company of Texas from Sierra Health Services for 80M USD

Acquisition Highlights
  • This is Folksamerica Holding Company’s 4th transaction in the Insurance sector.
  • This is Folksamerica Holding Company’s largest (disclosed) transaction.
  • This is Folksamerica Holding Company’s 4th transaction in the United States.
  • This is Folksamerica Holding Company’s 1st transaction in Texas.

M&A Deal Summary
Date 2003-11-25
Target Sierra Insurance Company of Texas
Sector Insurance
Buyer(s) Folksamerica Holding Company
Sellers(s) Sierra Health Services
Deal Type Divestiture
Deal Value 80M USD

Target

Sierra Insurance Company of Texas

Dallas, Texas, United States
Sierra Insurance Company of Texas offers workers’ compensation insurance services.

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Buyer(S) 1

Buyer

Folksamerica Holding Company

New York, New York, United States
Category Company
Founded 1985
Sector Insurance
DESCRIPTION

Folksamerica Holding Company, Inc., parent company of Folksamerica Reinsurance Company, a multi-line broker market reinsurer, is a wholly owned subsidiary of White Mountains Insurance Group, Ltd.

DEAL STATS #
Overall 4 of 4
Sector (Insurance) 4 of 4
Type (Divestiture) 2 of 2
State (Texas) 1 of 1
Country (United States) 4 of 4
Year (2003) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-09-25 C/F Insurance

United States

C/F Insurance Co.,operates as a property and casualty insurance company.

Buy $46M

Seller(S) 1

SELLER

Sierra Health Services

Las Vegas, Nevada, United States
Category Company
Founded 1984
Sector Healthcare Services
DESCRIPTION

Sierra Health Services, Inc. is a diversified healthcare company. Sierra provides and administers the delivery of managed care benefit plans for employers, government programs and individuals. Sierra defines managed healthcare as quality care delivered in an organized and cost-effective manner, requiring providers, insurers and members to work together.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2003) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1993-06-13 CII Financial

Las Vegas, Nevada, United States

CII, through its wholly owned subsidiaries, California Indemnity Insurance Company and Commercial Casualty Insurance Company, is primarily engaged in writing workers' compensation insurance in California, Colorado, Nebraska, New Mexico and Utah.

Buy $86M
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