Bermuda-based financial services holding company White Mountains Insurance Group, Ltd. announced that it has entered into an agreement to acquire a majority stake in Distinguished Programs.

Distinguished is an MGA and program manager placing in excess of $550 million in premiums annually across a diversified portfolio of 12 specialty property and casualty programs such as commercial real estate, hotels & restaurants, community associations, environmental & construction professional, cyber, surety, executive lines, inland marine and fine arts and collectibles.

Following the acquisition, White Mountains will own a 51 percent controlling interest in Distinguished. White Mountains currently owns just 1 percent of Distinguished’s outstanding equity interests and will acquire another 50 percent for $230 million.

Aquiline Capital Partners, the current controlling equityholder of Distinguished, will remain a significant minority equityholder going forward.

Distinguished’s current executive management team will continue to lead the business, and each will remain a significant equityholder. Industry veterans Bill Malloy, Jason Rotman and Steve Sitterly currently lead the program manager as chief executive officer, president and chief operating officer, respectively.

Explaining the impetus for the deal in a media statement, Manning Rountree, CEO of White Mountains, said, “We’ve been keen observers of Distinguished’s recent progress, and we are pleased to make this acquisition alongside fellow shareholders and a seasoned management team we’ve known for many years.” Rountree said Distinguished is “well-positioned in an attractive and dynamic market,” and suggested that White Mountains can partner with the Distinguished team “to capitalize on the organic and inorganic growth opportunities ahead.”

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

Cravath, Swaine & Moore LLP acted as legal advisor to White Mountains.

Willkie Farr & Gallagher LLP acted as legal advisor to the Distinguished and Aquiline Capital Partners.

Mayer Brown LLP acted as legal advisor to the Distinguished management team.

Guy Carpenter Capital & Advisory provided a fairness opinion to Aquiline.

Source: White Mountains, Distinguished Programs