White Mountains Insurance Group Ltd. (WTM) shares rose 6% on Monday after the company said it agreed to sell specialty insurance company NSM Insurance Group for about $1.78 billion to investment funds affiliated with global investment firm Carlyle Group Inc. (CG). White Mountains said the transaction will add about $280 per share to its adjusted book value. White Mountains CEO Manning Rountree, NSM CEO Geof McKernan and John Redett, head of global financial services at Carlyle, led the deal. Shares of White Mountain Insurance are down 3.9% and Carlyle Group stock is off by 32.7% in 2022, compared to a 14.9% drop by the S&P 500 .
(END) Dow Jones Newswires
May 09, 2022 09:42 ET (13:42 GMT)
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