White Mountains Acquires 51% Of Distinguished
White Mountains Insurance Group has agreed to acquire a 51% controlling interest in Distinguished Programs, a specialty insurance MGA managing over $550 million in annual premiums.
A spokesperson said, “White Mountains Insurance Group, Ltd. announced today that it has entered into an agreement to acquire a majority stake in Distinguished Programs ["Distinguished" or the "Company"], an MGA and program administrator for specialty property & casualty insurance. Following the acquisition, White Mountains will own a 51% controlling interest in Distinguished.
“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 & collectibles. Distinguished is led by industry veterans Bill Malloy, Jason Rotman and Steve Sitterly.
“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.”
“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,” said Manning Rountree, CEO of White Mountains. “They are well-positioned in an attractive and dynamic market, and we look forward to partnering with the team to capitalize on the organic and inorganic growth opportunities ahead.”
“Partnering with White Mountains marks a new and exciting chapter for Distinguished. We believe that their deep insurance expertise, outstanding track record and relevant resources make them the ideal partner for our next phase,” said Jason Rotman, President of Distinguished. “Bill, Steve and I look forward to maintaining and increasing the momentum created over the last three years of partnership with Aquiline.”
A spokesperson added, “In the transaction, White Mountains will acquire approximately 50% of Distinguished’s outstanding equity interests for $230 million. White Mountains currently owns approximately 1% of Distinguished’s outstanding equity interests. 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 Company and Aquiline Capital Partners. Mayer Brown LLP acted as legal advisor to the Company’s management team.”
