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Bulletin: White Mountains Insurance Group Ltd. Ratings Unaffected By Announced Sale Of Esurance May 11
Standard & Poors, May 2011
Abstract
NEW YORK (Standard & Poor's) May 19, 2011--Standard & Poor's Ratings Services today commented on Bermuda-based insurance and reinsurance holding company White Mountains Insurance Group Ltd. (WTM; BBB-/Stable/--) following the company's recent announcement of its agreement to sell its direct personal auto businesses Esurance and Answer Financial (not rated) to Allstate Corp. (A-/Stable/A-2). At closing, WTM is expected to receive cash proceeds in the amount of $700 million plus the tangible book value of the legal entities being sold. The transaction is expected to close by the end of the year. In our opinion, the intended sale has no effect on the rating on WTM. With $839 million in gross premiums written in 2010, the Esurance/Answer Financial segment contributed a...
Companies mentioned in this report are: White Mountains Insurance Group Ltd.,Allstate Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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