White Mountains closes $513mn buyback

White Mountains Insurance Group has completed a
larger-than-anticipated share buyback of $513.4mn.
The buyback deploys a portion of White Mountains' massive
cash pile, which was augmented by last year's sale of Sirius
for $2.6bn and will be bolstered further with the $1.3bn proceeds
from Intact Financial's purchase of OneBeacon, which is yet to
close.
The company said the buyback, which equates to almost 14 percent
of its market value, was "highly oversubscribed". White
Mountains bought 586,733