White Mountains Insurance Group has agreed to provide up to $13 million in capital to OneTitle National Guaranty Co. in exchange for a minority equity position. The deal is currently pending regulatory approval.
OneTitle is a New York title insurance underwriter that works directly with attorneys, lenders, developers and homeowners. The company expects this deal will be able to help it expand its footprint beyond New York and accelerate its growth.
"Leveraging this investment and their insurance expertise, we will be able to bring better service and lower rates to even more attorneys, lenders, real estate investors and homeowners," said founder, president and CEO Daniel Price.
White Mountains has a $3.8 billion market cap, $10.5 billion in assets and $4 billion in common shareholders' equity.
Among the most successful innovators it's backed are Esurance from 2000 until its sale to Allstate in 2011. White Mountains' operating segments include Sirius Group, OneBeacon and HG Global/BAM.
