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Chinese firm to acquire international unit of American insurer

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Hanover, New Hampshire-based White Mountains Insurance Group Ltd. on Monday said it has sold its property/casualty reinsurance and insurance unit Sirius International Insurance Group Ltd. to CM International Holding Pte. Ltd. for about $2.24 billion.

CM International Holding is the Singapore-based investment arm of Beijing-based China Minsheng Investment Corp. Ltd.

The deal, which is subject to regulatory approval, is expected to close within the next six months.

Sirius writes property/casualty reinsurance and insurance via several channels, including Lloyd's of London syndicate 1945, Sirius International Insurance Corp., Sirius America Insurance Co. and Sirius Bermuda Insurance Co. Ltd.

Sirius also provides exit solutions for runoff business via a subsidiary, White Mountains Solutions Inc.

Sirius will become the reinsurance arm of CMI, White Mountains said a statement.

“The Sirius management team is excited to be joining the CMI family. CMI is strongly capitalized and intends to further grow Sirius' already substantial capital base,” Allan Waters, CEO of Sirius, said in the statement. “China is one of Sirius' most important markets, and CMI is the perfect partner for Sirius to continue its Asian growth strategy.”