Four Decades for Justice
On July 27, 2015, White Mountains Insurance Group, Ltd. announced it has signed a definitive agreement to sell Sirius International Insurance Group, Ltd. to CM International Holding PTE Ltd., the Singapore‑based investment arm of China Minsheng Investment Corp., Ltd. (“CMI”). Cravath represented White Mountains Insurance Group in connection with this transaction. The purchase price will be paid in cash in an amount equal to 127.3% of Sirius’s closing‑date tangible common shareholder’s equity plus $10 million. Based on Sirius’s tangible common shareholder’s equity of $1.748 billion at December 31, 2014, the purchase price would be approximately $2.235 billion.
The Cravath team was led by partners Philip A. Gelston and Ting S. Chen and included associate Steven Y. Li on M&A matters; partner Eric W. Hilfers, practice area attorney M. C. Tania Balthazaar and associate Matthew J. Bobby on executive compensation and benefits matters; partner Stephen L. Gordon on tax matters; partner David J. Kappos and associate Nicholas A. Jackson on intellectual property matters; practice area attorney Gary R. Eisenman on real estate matters; and associate Jesse M. Weiss on antitrust matters. Summer associates Valerie E. Ogbonnaya‑Wood and Lourdes Pantin also worked on M&A matters and intellectual property matters, respectively.
Deals & Cases
October 20, 2023
On October 20, 2023, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced that it has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC (“Bamboo”), a managing general agent focused on the California homeowners insurance market. White Mountains expects to invest approximately $285 million, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo’s outstanding equity interests. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
May 26, 2022
On May 26, 2022, Kudu Investment Management, LLC (“Kudu”), an independent provider of permanent capital solutions to asset and wealth managers worldwide, announced that White Mountains Insurance Group, Ltd. (“White Mountains”) has agreed to contribute an additional $50 million of equity capital to Kudu, alongside a new investment in Kudu by Massachusetts Mutual Life Insurance Company. As a result of the transaction, White Mountains’ equity ownership of Kudu decreased from 99% to 89%. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
May 09, 2022
On May 9, 2022, White Mountains Insurance Group, Ltd. (“White Mountains”), a financial services holding company, announced that it has signed a definitive agreement to sell NSM Insurance Group (“NSM”), a full‑service MGA and program administrator for specialty property and casualty insurance, to investment funds affiliated with global investment firm Carlyle. The transaction values NSM at $1.775 billion. Cravath is representing White Mountains and NSM in connection with the transaction.
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