Carlyle slips after White Mountains deal

White Mountains Insurance

09/05/2022 16:09

** Carlyle Group's  CG.O  shares down 4.7% at $35.60, hits
new 52-week low, after private equity firm agrees to buy NSM
Insurance from White Mountains Insurance Group  WTM.N 
    ** CG to pay $1.78 bln in cash for specialty insurance
provider in deal expected to close in H2 this year  urn:newsml:reuters.com:*:nL2N2X111X
    ** WTM says transaction expected to add $280/sh to its adj
book value
    ** Shares of WTM up 8.2% at $1,139.87 on Mon
    ** PE firms have been driving insurance industry
consolidation; M&A in sector more than doubled in volume to a
total of $58 bln last year from $22 bln a year earlier,
according to consulting firm Deloitte
    ** With move on Mon, CG's shares have lost 35% YTD
    ** Conversely, WTM's shares have gained ~12% this year
including gain on the session

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))