White Mountains’ $1.775 Billion Sale of NSM to Carlyle

On May 9, 2022, White Mountains Insurance Group, Ltd. (“White Mountains”), a financial services holding company, announced that it has signed a definitive agreement to sell NSM Insurance Group (“NSM”), a full‑service MGA and program administrator for specialty property and casualty insurance, to investment funds affiliated with global investment firm Carlyle. The transaction values NSM at $1.775 billion. Cravath is representing White Mountains and NSM in connection with the transaction.

The Cravath team includes associates Adam M. Sanchez, Somi A. Umolu and Alexandra J. Valicenti on M&A matters; partner Tatiana Lapushchik and associate Diane K. Mokoro on financing matters; partner Christopher K. Fargo and associates Leon B. Dalezman and Carlos Nicholas Obando on tax matters; partners Eric W. Hilfers and Matthew J. Bobby and practice area attorneys Arian Mossanenzadeh and Courtnii Lamar on executive compensation and benefits matters; partner David J. Kappos and associate Carys J. Webb on intellectual property matters; senior attorney Annmarie M. Terraciano on environmental matters; and practice area attorneys Brian M. Budnick and Lauren Piechocki on real estate matters. Katie DelGhingaro also worked on M&A matters.