Carlyle to acquire NSM Insurance from White Mountains in $1.78 billion deal

White Mountains Insurance

09/05/2022 13:55

May 9 (Reuters) - Private equity firm Carlyle Group Inc
 CG.O  told Reuters on Monday it has agreed to acquire U.S.
specialty insurance provider NSM Insurance Group from White
Mountains Insurance Group Ltd  WTM.N  for $1.78 billion in cash.
   Carlyle said the deal is expected to close in the second half
of this year. The transaction is expected to add $280 per share
to White Mountains' adjusted book value.
   Private equity firms have been driving consolidation in the
insurance brokerage sector. Mergers and acquisitions in the
insurance sector more than doubled in volume to a total of $58
billion in 2021 from $22 billion a year earlier, according to
consulting firm Deloitte.

 (Reporting by Chibuike Oguh in New York
Editing by Greg Roumeliotis)
 ((Greg.Roumeliotis@thomsonreuters.com; +1 646 223 6022; Reuters
Messaging: greg.roumeliotis.thomsonreuters.com@reuters.net))