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OMAHA, Neb. - Billionaire Warren Buffett's company has agreed to trade its 1.7 million shares in White Mountains Insurance Group for two subsidiaries and $751 million.
Berkshire Hathaway Incorporated has been an investor in White Mountains since 2001, and Buffett's company helped the Hanover, New Hampshire-based insurance company expand.
White Mountains CEO Ray Barrette said Monday the deal offers a graceful way for both companies to go their separate ways.
In addition to the cash, Berkshire will get Commercial Casualty Insurance Company and International American Group. Those two companies had gross assets of about $435 million.
The deal is expected to close in the third quarter.
Berkshire owns Geico, General Re and several other insurance companies.
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