- White Mountains Insurance Group (WTM -1.4%) has entered into an agreement to acquire a majority equity stake in NSM Insurance Group. The transaction values NSM at ~$388M.
- NSM is a leading specialty insurance program administrator placing in excess of $500M in premiums annually through its relationships with more than 6K brokerage firms and ~100 insurance carriers.
- The transaction is expected to close by the end of the Q218. The closing is subject to regulatory approvals and other customary closing conditions. The closing is not subject to a financing condition.
- White Mountains intends to fund the acquisition through a combination of cash on hand and new debt issued by NSM.
- "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," said Manning Rountree, Chief Executive Officer of White Mountains. "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."
- Press Release
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