White Mountains to acquire majority stake in NSM
White Mountains Insurance Group has entered into an agreement to acquire a majority equity stake in NSM Insurance Group, a managing general underwriter (MGU) and programme administrator for specialty property and casualty insurance.
NSM covers a range specialty insurance sectors including collector cars, non-profit organizations, sports & wellness centres, specialty real estate and pet insurance. It has over $500 million of controlled premiums.
"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, CEO 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."
The transaction is expected to close by the end of the second quarter of 2018, and is subject to regulatory approvals and other customary closing conditions.
Geof McKernan, CEO of NSM, added: "This transaction marks a new and exciting chapter of growth for NSM. We are thrilled to have the support of an experienced insurance investor with a long-term capital base as we set our course toward future success. We look forward to working with the White Mountains team to continue to execute on our growth strategy while delivering the best solutions and services to our insurance carrier partners."
