Carlyle Group's (CG) portfolio company NSM Insurance Group said Monday it is selling its U.S. commercial insurance division to New Mountain Capital.
Financial details of the transaction were not disclosed.
The divestment covers a portfolio of 15 niche insurance programs across property & casualty, accident & health and reinsurance and includes retail agency, NSM Insurance Brokers. The programs will form a new independent business entity, which will continue to be marketed as NSM until a new brand is established, NSM said.
The transaction is expected to close in the next 45 days, subject to regulatory approvals and other customary closing conditions, according to NSM.
CG shares were 0.4% higher in recent premarket activity.
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