White Mountains Re to Sell Sirius America

Bermuda-based White Mountains Re Group Ltd., a wholly owned subsidiary of White Mountains Insurance Group Ltd., announced that it agreed to sell its Sirius America subsidiary to an investor group led by Lightyear Capital. As part of the transaction, White Mountains will acquire an equity interest of approximately 18 percent in the acquiring entity.

White Mountains Re acquired Sirius America in 2004 as part of its acquisition of the Sirius group. Sirius America is a Delaware-domiciled primary underwriter of program specialty insurance. The transaction, which is subject to regulatory and other conditions, is expected to close during the summer of 2006.

White Mountains Re Group Ltd. is a Bermuda holding company whose operating companies offer lead reinsurance capacity for property, casualty, accident & health, marine, and aviation exposures.