Fitch lowers White Mountains to BBB

Fitch Ratings said it downgraded White Mountains Insurance Group, Ltd.'s issuer default rating to BBB from BBB+.

The outlook is evolving.

Fitch said the downgrade coincides with the application of its bespoke criteria for White Mountains following the merger of OneBeacon Insurance Group, Ltd. into Intact Financial Corp. on Sept. 28 for total consideration of $1.7 billion.

“This transaction alters White Mountains' credit profile such that there are no major subsidiary investments outside of its investment in HG Global Ltd./Build America Mutual and de minimis debt levels,” the agency said in a news release.

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