NASDAQ to acquire management liability insurance specialist
According to NASDAQ, once the purchase is completed, its insurance business will be ranked in the top ten of providers of management liability insurance in the US. The expanded business, which will consist of Carpenter Moore and the existing Nasdaq Insurance Agency, will have a total of seven offices throughout the country, serving over 2,000 existing clients, including 12 of the NASDAQ-100 companies. The addition of Carpenter Moore will increase NASDAQ's depth of expertise in directors and officers, errors and omissions and other management liability insurance products. It will also significantly expand regional coverage by NASDAQ's insurance business through Carpenter Moore's unique co-brokerage distribution model. NASDAQ's acquisition encompasses four of Carpenter Moore's geographic locations, including San Francisco, Texas, Minnesota, and Massachusetts. Bruce Aust, executive vice president of NASDAQ commented, "This transaction will position our NASDAQ insurance business as a top provider in the management liability space, an area that is of increasing importance to both public and private companies." Financial terms of the deal have not been divulged; however the transaction is expected to close in the fourth quarter of 2005.