White Mountains in $388m NSM Insurance Group acquisition
Bermuda-based White Mountains Insurance Group has agreed to acquire a majority stake in NSM Insurance Group, a US-based specialty insurance programme administrator, for approximately $388 million.
White Mountains intends to fund the acquisition through a combination of cash on hand and new debt issued by NSM. The transaction is expected to close by the end of the second quarter of 2018.
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 [NSM CEO Geof McKernan] and his team, and to providing them with support and resources to continue to grow the business organically and through acquisitions."
McKernan commented: "White Mountains brings NSM strong financial backing and a long-term view of the business which will enable us to continue our organic and acquisition growth strategies both in the US and UK. We are excited and look forward to working with Manning Rountree, CEO, White Mountains and his team. They bring decades of deep insurance experience and know how."
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