---
schema_version: "secwatch.filing_event.v1"
accession: "0000776867-22-000012"
form_type: "8-K"
ticker: "WTM"
cik: "0000776867"
company_name: "WHITE MOUNTAINS INSURANCE GROUP LTD"
filed_at: "2022-08-05T23:59:59+00:00"
generated_at: "2026-06-24T03:31:42.830426+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# White Mountains completes sale of NSM Insurance Group to Carlyle for $1.4B net cash proceeds

## Summary
- Completed sale of NSM Insurance Group to Carlyle on August 1, 2022, receiving $1.4B net cash proceeds.
- Gross proceeds $1.775B; proceeds used to repay NSM debt of $283M and pay transaction costs of $45M.
- NSM segment assets and liabilities removed from balance sheet; pro forma total equity increases to $4.49B from $3.67B.
- White Mountains generated estimated net gain of $836.9M after tax on the sale.
- Pro forma statements show NSM results removed; continuing operations include HG Global/BAM, Ark, Kudu, and Other.

## SEC filing metadata
- accession: 0000776867-22-000012
- form_type: 8-K
- ticker: WTM
- cik: 0000776867
- company_name: WHITE MOUNTAINS INSURANCE GROUP LTD
- filed_at: 2022-08-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/776867/000077686722000012/0000776867-22-000012-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/776867/000077686722000012/wtm-20220801.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000776867-22-000012
- JSON: https://secwatch.observer/filing/0000776867-22-000012.json
- Plain text: https://secwatch.observer/filing/0000776867-22-000012.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.