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."

Join us at Intelligent Automation in Insurance - April 26th 2018, London:  Book now.

More of today's news

Large insurers re-enter reinsurance market

SCOR appoints deputy CEO of global P&C replacing Gentsch

Tokio Marine taps V3 Insurance boss for new COO

Castel launches global property fac reinsurance book with Pen hire

Fidelis appoints senior underwriter from Zurich

California Montecito mudslide claims top $421m

Don't miss our insurtech email newsletter - sign up today