White Mountains’ Acquisition of a Majority Stake in Distinguished

On July 7, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced it has entered into an agreement to acquire a majority stake in Distinguished Programs (“Distinguished”), an MGA and program administrator for special property & casualty insurance. White Mountains will acquire approximately 50% of Distinguished’s outstanding equity interests for $230 million, which will result in White Mountains holding a 51% controlling interest in Distinguished following the closing of the transaction. Cravath is representing White Mountains in connection with the transaction.

The Cravath team is led by partner Peter Feist and includes associates Connor F. O’Neill and Pablo Storch and foreign associate attorney Bianca Menchise Moraes on M&A matters; partner Tatiana Lapushchik and associate Kiyon Hahm on financing matters; partner Christopher K. Fargo and associates Carlos Nicholas Obando and Carolyn Liziewski on tax matters; associates Nicholas J. Celli and Oscar Porter on executive compensation and benefits matters; partner Sasha Rosenthal‑Larrea, associate Albert Wong and foreign associate attorney Shogo Tsunoda on intellectual property matters; partner Jesse M. Weiss and associates Lavinia M. Hecht and Timothy O’Neill on antitrust matters; and practice area attorney Brian M. Budnick on real estate matters. Rebecca Ryan also worked on M&A matters.