M&A Deal Summary

White Mountains Acquires NSM

On April 2, 2018, White Mountains acquired insurance company NSM from AIG for 388M USD

Acquisition Highlights
  • This is White Mountains’ 16th transaction in the Insurance sector.
  • This is White Mountains’ 3rd largest (disclosed) transaction.
  • This is White Mountains’ 14th transaction in the United States.
  • This is White Mountains’ 1st transaction in Pennsylvania.
Investment Fate
  • NSM was divested to a consortium of buyers in 2022 for 1.8B USD.

M&A Deal Summary
Date 2018-04-02
Target NSM
Sector Insurance
Buyer(s) White Mountains
Sellers(s) AIG
Deal Type Divestiture
Deal Value 388M USD
Advisor(s) Latham & Watkins
McDonald Hopkins (Legal)

Target

NSM

Conshohocken, Pennsylvania, United States
website
NSM is a full-service MGA and program administrator for specialty property & casualty insurance. The company places insurance in niche sectors such as special transportation, social services, real estate, and pet. On behalf of its insurance carrier partners, NSM typically manages all aspects of the placement process, including product development, marketing, underwriting, policy issuance, and claims. NSM was established in 1990 and is headquartered in Conshohocken, Pennsylvania.

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Buyer(S) 1

Buyer

White Mountains

Hamilton, Bermuda

website

Category Company
Founded 1980
Sector Insurance
Employees1,366
Revenue 1.2B USD (2020)
DESCRIPTION

White Mountains is a Bermuda-domiciled financial services holding company with business interests in property and casualty insurance and reinsurance. White Mountains was fouded in 1980 and is based in Hamilton, Bermuda.

DEAL STATS #
Overall 18 of 22
Sector (Insurance) 16 of 19
Type (Divestiture) 12 of 12
State (Pennsylvania) 1 of 1
Country (United States) 14 of 17
Year (2018) 1 of 1
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-09 TRANZACT

Fort Lee, New Jersey, United States

TRANZACT is a provider of end-to-end customer acquisition solutions to the insurance sector. TRANZACT serves the Auto & Home, Health, and Life insurance verticals for insurance carriers including MetLife, CIGNA, Progressive, and Mutual of Omaha, among others. TRANZACT was founded in 1997 and is based in Fort Lee, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-07 Noblr

San Francisco, California, United States

Noblr is a property and casualty insurance provider. Noblr provides consumers with real-time insurance rates and real-time feedback on driving behavior by leveraging telematics and Noblr's own proprietary technology. Noblr is based in San Francisco, California.

Buy -

Seller(S) 1

SELLER

AIG

New York, New York, United States

website

Category Company
Founded 1919
Sector Insurance
Employees26,200
Revenue 56.5B USD (2022)
DESCRIPTION

AIG is an international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. American International Group was incorporated in 1919 and is based in New York City.

DEAL STATS #
Overall 16 of 20
Sector (Insurance) 12 of 16
Type (Divestiture) 16 of 19
State (Pennsylvania) 1 of 1
Country (United States) 10 of 11
Year (2018) 1 of 2
Size (of disclosed) 7 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-22 Validus Re

Pembroke, Bermuda

Validus Re is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd. and Talbot Holdings Ltd. The company is a Bermuda-based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. Validus Re was founded in 2005 and is based in Pembroke.

Buy $5.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-01 Fortitude Reinsurance

Pembroke, Bermuda

Fortitude Reinsurance is a multi-line reinsurance company with deep expertise in the management of closed blocks of insurance liabilities. Fortitude Re is a liability-led company complemented by sophisticated asset sourcing and asset-liability management expertise. Fortitude Reinsurance was founded in 2017 and is based in Pembroke, Bermuda.

Sell $1.8B
Mergr

Product

Company

Legal