White Mountains Insurance Group Ltd. has agreed to acquire a 50% equity stake in DavidShield, a provider of expatriate medical insurance to individuals and corporations in Israel.
DavidShield is White Mountains' joint venture partner in U.K.-based PassportCard, which offers insurance solutions for the travel industry. After the transaction closes, White Mountains will be an equal partner of DavidShield and PassportCard founder Alon Ketzef in both businesses.
Terms of the transaction were not disclosed. The transaction is subject to regulatory approvals and other customary closing conditions.