White Mountains Insurance Group announced that it has agreed to acquire a majority stake in Distinguished Programs, 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 a managing general agent (MGA) and program manager that places over $550 million in premiums annually across 12 specialty property and casualty programs, including commercial real estate, hotels and restaurants, and cyber insurance.
Led by industry veterans Bill Malloy, Jason Rotman, and Steve Sitterly, Distinguished is controlled by Aquiline Capital Partners, which will maintain a significant minority equity stake. The current executive management team will continue to lead the business and hold a substantial equity stake.
As part of the deal, 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 deal is expected to close in the third quarter of 2025. The closing is subject to regulatory approvals and other customary closing conditions.
Advisors: Cravath, Swaine & Moore acted as legal advisor to White Mountains. Willkie Farr & Gallagher acted as legal advisor to the Company and Aquiline Capital Partners. Mayer Brown served as the company’s legal advisor to its management team.
KEY QUOTES:
“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. 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.”
Manning Rountree, CEO of White Mountains
“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. Bill, Steve and I look forward to maintaining and increasing the momentum created over the last three years of partnership with Aquiline.”
Jason Rotman, President of Distinguished
