White Mountains to buy majority stake in NSM

  • Deal agreed: White Mountains is to buy a majority stake in NSM

    Deal agreed: White Mountains is to buy a majority stake in NSM

White Mountains Insurance Group Ltd announced it has agreed to acquire a majority equity stake in NSM Insurance Group.

NSM is a specialty insurance programme administrator and the deal values the company at about $388 million.

Bermudian-based insurance group White Mountains intends to fund the acquisition through a combination of cash on hand and new debt issued by NSM.

NSM places in excess of $500 million in premiums annually through its relationships with more than 6,000 brokerage firms and approximately 100 insurance carriers. NSM’s expertise covers a wide range of specialty insurance sectors such as collector cars, non-profit organisations, sports and wellness centres, specialty real estate and pet insurance.

In a statement, White Mountains said NSM’s “deep industry knowledge and capabilities and longstanding relationships with insurance brokers and insurance carriers allow it to serve as a critical intermediary in the specialty insurance market”.

Manning Rountree, chief executive officer of White Mountains, said: “We are pleased to make this investment in NSM alongside the management team.

“The company is high quality, and we believe there is tremendous opportunity to grow and expand the business. We look forward to working with Geof and his team and to providing them with support and resources to continue to grow the business organically and through acquisitions.”

Geof McKernan, CEO of NSM, said: “This transaction marks a new and exciting chapter of growth for NSM. We are thrilled to have the support of an experienced insurance investor with a long-term capital base as we set our course towards future success.”

The transaction is expected to close by the end of the second quarter of 2018. The closing is subject to regulatory approvals and other customary closing conditions. The closing is not subject to a financing condition.

You must be registered or signed-in to post comment or to vote.

Published Apr 3, 2018 at 8:00 am (Updated Apr 3, 2018 at 12:43 am)

White Mountains to buy majority stake in NSM

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "Your new year's resolutions for 2019"
    • Quit smoking
    • 4%
    • Quit drinking/drink in moderation
    • 7%
    • Do not drink and drive
    • 2%
    • Lose weight
    • 40%
    • Stop procrastinating
    • 22%
    • Drive with greater care
    • 2%
    • Other
    • 22%
    • Total Votes: 2607
    • Poll Archive

    Today's Obituaries

    eMoo Posts