White Mountains To Acquire Majority Stake In National Insurance Group
- April 02, 2018
White Mountains To Acquire Majority Stake In NSM Insurance Group
CONSHOHOCKEN, PA -- NSM Insurance Group announced that the company has entered into an agreement with White Mountains Insurance Group LTD to acquire a majority equity stake in NSM Insurance Group; a leader and expert on insurance program administration.
"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," said Geof McKernan, CEO, NSM Insurance Group. "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."
"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, Chief Executive Officer 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."
In the past 12 years NSM has completed over 18 transactions, launched 8 new program ventures and we are actively seeking insurance business both here in the US and in the UK.
The transaction is expected to close by the end of the second quarter of 2018. The closing is subject to regulatory approvals and other customary closing conditions.