Exclusive-Carlyle to acquire NSM Insurance from White Mountains in $1.78 billion deal
2022.05.09 16:22
FILE PHOTO: The logo of the Carlyle Group is displayed at the company’s office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato
(Reuters) – Private equity firm Carlyle Group (NASDAQ:CG) Inc told Reuters on Monday it has agreed to acquire U.S. specialty insurance provider NSM Insurance Group from White Mountains Insurance Group Ltd 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.
