White Mountains sells insurance unit – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

White Mountains sells NSM insurance unit to Carlyle funds

First Prev 1 2 Next Last

White Mountains Insurance Group Ltd, the Bermudian-domiciled financial services holding company, has signed a definitive agreement to sell NSM Insurance Group to investment funds affiliated with global investment firm Carlyle in a transaction that values NSM at $1.775 billion.

White Mountains said it expected the transaction would result in a gain of approximately $280 to its adjusted book value per share and would increase undeployed capital from approximately $0.4 billion to approximately $1.7 billion.

The transaction is expected to close during the second half of 2022.

The closing is subject to regulatory approvals and other customary closing conditions, but is not subject to a financing condition.

White Mountains said it would file a current report on Form 8-K with the US Securities and Exchange Commission containing a summary of terms and conditions of the proposed transaction.

"The NSM team has done a tremendous job building a market-leading specialty insurance distribution platform. It has been our pleasure to partner with them along the way," said Manning Rountree, chief executive officer of White Mountains.

"This transaction is a win for both White Mountains shareholders and NSM management and employees. We want to thank Geof, Bill, Marc, Jonathan and the entire NSM team for all of their hard work. NSM is well positioned going forward, and we wish them continued success."

Geof McKernan, chief executive officer of NSM, said: "We thank Manning, Morgan, Chris and the rest of the White Mountains team for their valuable contributions and support throughout our partnership.

"Together, we achieved strong organic growth, completed six strategic acquisitions, added high-quality talent and built a specialised, diversified and scaled insurance distribution platform. We could not be happier with this outcome and are excited to partner with Carlyle as we embark on NSM's next stage of growth."

Manning Rountree, CEO of White Mountains Insurance Group (File photograph)
Geof McKernan, chief executive officer of NSM

You must be Registered or to post comment or to vote.

Published May 10, 2022 at 7:47 am (Updated May 10, 2022 at 7:48 am)

White Mountains sells NSM insurance unit to Carlyle funds

What you
Need to
Know
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