White Mountains Insurance Group has agreed to acquire a 51% majority stake in Distinguished Programs, a programme manager for property and casualty insurance.
The transaction involves White Mountains purchasing roughly 50% of Distinguished’s outstanding equity interests for $230m, in addition to the 1% stake it currently holds in the company.
Distinguished manages a diversified portfolio of 12 specialty property and casualty programmes, placing more than $550m in premiums annually.
Its offerings include commercial real estate, hotels and restaurants, community associations, environmental and construction professional, cyber, surety, executive lines, inland marine, and fine arts and collectibles.
The company’s coverage extends to areas like cyber, surety, executive lines, inland marine, and fine arts and collectibles.
White Mountains CEO Manning Rountree said: “We’ve been keen observers of Distinguished’s recent progress, and we are pleased to make this acquisition alongside fellow shareholders and a seasoned management team we’ve known for many years.
“They are well-positioned in an attractive and dynamic market, and we look forward to partnering with the team to capitalise on the organic and inorganic growth opportunities ahead.”
The transaction, scheduled to close in the third quarter of 2025, is contingent upon regulatory approvals and other standard closing conditions.
Post-acquisition, Distinguished Programs will continue to operate under the leadership of its current executives: CEO Bill Malloy, president Jason Rotman, and COO Steve Sitterly.
Rotman stated: “Partnering with White Mountains marks a new and exciting chapter for Distinguished. We believe that their deep insurance expertise, outstanding track record and relevant resources make them the ideal partner for our next phase.”
Aquiline Capital Partners, which is presently the controlling equity holder in Distinguished, will maintain a substantial minority interest in the company after the transaction is completed.
In 2023, White Mountains invested $285m in Bamboo, an MGA specialising in California homeowners insurance, acquiring nearly 70% of the company’s shares.
“White Mountains to buy majority stake in Distinguished Programs ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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