White Mountains Solutions to acquire American General subsidiaries

White Mountains Solutions, the specialist runoff acquisition subsidiary of the White Mountains Insurance Group, is to acquire American General Indemnity Company and American General Property Insurance Company from American General.

Under the terms of the agreement, White Mountains Solutions will pay approximately $35 million for the two firms.

The transaction is expected to close in late 2012, subject to customary closing conditions and regulatory approval from the Departments of Insurance in Illinois and Tennessee.