White Mountains to acquire 51% stake in Distinguished Programs

HAMILTON, Bermuda - White Mountains Insurance Group, Ltd. (NYSE:WTM), a $4.54 billion insurance holding company currently trading near its 52-week low, announced Monday it has entered into an agreement to acquire a 51% controlling interest in Distinguished Programs, a specialty property and casualty insurance MGA and program administrator.

The transaction, valued at $230 million, will give White Mountains control of a business that places over $550 million in premiums annually across 12 specialty property and casualty programs. According to InvestingPro data, White Mountains maintains a strong balance sheet with a debt-to-equity ratio of just 0.15 and generates $2.28 billion in annual revenue. White Mountains currently owns approximately 1% of Distinguished’s equity interests.

Aquiline Capital Partners, Distinguished’s current controlling shareholder, will remain a significant minority stakeholder following the acquisition. The company’s executive management team, led by Bill Malloy, Jason Rotman, and Steve Sitterly, will continue to lead the business and maintain their equity positions.

"We are pleased to make this acquisition alongside fellow shareholders and a seasoned management team we’ve known for many years," said Manning Rountree, CEO of White Mountains, in the press release statement.

Distinguished Programs operates in specialty sectors including commercial real estate, hotels and restaurants, community associations, cyber, and fine arts and collectibles. The company typically manages product development, marketing, underwriting, policy issuance, and claims on behalf of its insurance carrier partners.

The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and other customary closing conditions.

Cravath, Swaine & Moore LLP acted as legal advisor to White Mountains, while Willkie Farr & Gallagher LLP advised Distinguished Programs and Aquiline Capital Partners. Mayer Brown LLP served as legal advisor to Distinguished’s management team.

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