White Mountains completes $2.6bn sale of Sirius

Bermuda-based White Mountains Insurance Group has completed the sale of Sirius International Insurance Group to a subsidiary of CM International Holding, the Singapore-based investment arm of China Minsheng Investment Corp.

The gross estimated purchase price paid at the closing was $2.6 billion. Approximately $160 million of this amount was used to purchase out of Sirius Group certain assets to be retained by White Mountains, including shares of OneBeacon.

The transaction is estimated to result in a gain of approximately $90 to White Mountains's adjusted book value per share.