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PICO sells its two insurance subsidiaries to White Mountains Solutions

PICO Holdings has sold its two insurance company subsidiaries, Ohio-based Physicians Insurance Company and Citation Insurance Company to White Mountains Solutions Holding Company (White Mountains Solutions).

The transaction resulted in proceeds of approximately $44.4m to PICO consisting of pre-closing dividends of approximately $28.9m from the two subsidiaries, in aggregate and sales proceeds of approximately $15.5m.

A loss from discontinued operations has been reported from operations of the two insurance companies as approximately $2.7m for the nine months which ended on 30 September 2012.

White Mountains Insurance Group is a financial services firm, offering property and casualty insurance and reinsurance products through its subsidiaries.