Carlyle, an investment firm, has acquired NSM Insurance Group from White Mountains Insurance Group for $1.775 billion.
NSM is a full-service MGA and program administrator for specialty property & casualty insurance.
“Leveraging Carlyle’s deep experience supporting companies in the insurance services sector, we are thrilled to partner with NSM’s exceptional founder-led management team to help the business execute numerous upside growth drivers, including continued operational improvement, accretive M&A opportunities, and strategic investments in technology and data & analytics,” said John Redett, head of global financial services at Carlyle.
J.P. Morgan Securities acted as financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel, to White Mountains and NSM. Holland & Knight LLP also acted as legal advisor to NSM management. Morgan Stanley & Co. acted as financial advisor, and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Carlyle.