Four Decades for Justice
On October 13, 2014, TRANZACT and White Mountains Insurance Group, Ltd. (“White Mountains”) announced that White Mountains has made a majority investment in TRANZACT, a leading provider of end‑to‑end customer acquisition solutions to the insurance sector. White Mountains acquired approximately 63% of TRANZACT for a purchase price of $178 million, representing an enterprise value of approximately $280 million. Cravath represented White Mountains in this transaction.
The Cravath team was led by partners Ting S. Chen and Philip A. Gelston and included associates Wesley C. Bell and Brendan M. Cottington on M&A matters; partner Christopher K. Fargo and associate Andrew Carlon on tax matters; practice area attorney M. C. Tania Balthazaar and associate Matthew J. Bobby on executive compensation and benefits matters; and associate Benjamin D. Landry on intellectual property matters.
Deals & Cases
October 20, 2023
On October 20, 2023, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced that it has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC (“Bamboo”), a managing general agent focused on the California homeowners insurance market. White Mountains expects to invest approximately $285 million, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo’s outstanding equity interests. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
May 26, 2022
On May 26, 2022, Kudu Investment Management, LLC (“Kudu”), an independent provider of permanent capital solutions to asset and wealth managers worldwide, announced that White Mountains Insurance Group, Ltd. (“White Mountains”) has agreed to contribute an additional $50 million of equity capital to Kudu, alongside a new investment in Kudu by Massachusetts Mutual Life Insurance Company. As a result of the transaction, White Mountains’ equity ownership of Kudu decreased from 99% to 89%. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
May 09, 2022
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.
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