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White Mountains To Sell NSM Insurance Group To Funds Affiliated With Carlyle

White Mountains Insurance Group, Ltd. (WTM) has agreed to sell NSM Insurance Group to investment funds affiliated with Carlyle (CG). The deal values NSM at $1.775 billion.

NSM Insurance Group is a full-service MGA and program administrator for specialty property & casualty insurance. The sale is expected to close during the second half of 2022.

White Mountains Insurance Group expects the transaction will result in a gain of approximately $280 to its adjusted book value per share and will increase undeployed capital from approximately $0.4 billion to approximately $1.7 billion.

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