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WTM - White Mountains to sell NSM Insurance to Carlyle
White Mountains Insurance Group Ltd.
White Mountains Insurance (NYSE:WTM) said Monday it will sell NSM Insurance to investment funds affiliated with Carlyle (CG). The deal values NSM at ~$1.78B. WTM expects the deal will result in a gain of ~$280 to its adj. book value per share and increase undeployed capital to ~$1.7B from ~$0.4B. The deal is expected to close during H2 of 2022. Closing of the deal is not subject to a financing condition.