Carlyle to acquire NSM Insurance from White Mountains in $1.78 billion deal

Private equity firm Carlyle Group Inc told Reuters on Monday it has agreed to acquire U.S. specialty insurance provider NSM Insurance Group from White Mountains Insurance Group Ltd for $1.78 billion in cash.

Carlyle said the deal is expected to close in the second half of this year. The transaction is expected to add $280 per share to White Mountains' adjusted book value.

Pennsylvania-based NSM Insurance is one of the largest independent insurance brokerages that underwrites policies for pets, non-profit organizations, workers' compensation, trucks and behavioral healthcare. It generates more than $1 billion in premiums from more than one million clients, according