White Mountains Insurance Group on Monday said it has a deal in place to acquire about 50% of Distinguished Programs for $230 million.
With the buy of the outstanding equity shares, White Mountains will own 51% of Distinguished, an independent program manager and managing general agency for specialty insurance. The Bermuda-based holding company owned 1% of Distinguished outstanding equity interests before this transaction.
White Mountains said Distinguished placed more than $550 million in premiums annually across a diversified portfolio of 12 specialty property and casualty programs such as commercial real estate, hotels & restaurants, community associations, environmental & construction professional, cyber, surety, executive lines, inland marine and fine arts & collectibles.
Founded in 1995, New York-based Distinguished will continue to be led by CEO Bill Malloy, President Jason Rotman, and Chief Operating Officer Steve Sitterly. Aquiline Capital Partners, the current controlling equityholder of Distinguished, will continue to hold a significant minority interest, White Mountains said.
The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals.
“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,” said Rotman. “Bill, Steve and I look forward to maintaining and increasing the momentum created over the last three years of partnership with Aquiline.”
Topics
Mergers & Acquisitions
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