Nasdaq Stock Market
reached a definitive agreement to acquire some assets of closely held insurance broker Carpenter Moore of San Francisco.
Terms weren't disclosed, but New York-based Nasdaq said the deal will give it seven offices with 2,000 existing clients, putting its insurance business among the top 10 providers of management liability insurance. Carpenter Moore's Susan Miner will run the combined Nasdaq insurance unit.
"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," Nasdaq's Bruce Aust said. "Nasdaq is a leader in helping companies operate successfully in highly regulated, highly transparent environments. Our insurance business will offer clients an independent assessment of their executive liability needs, with the goal of finding efficient and customized solutions for any management team."
Nasdaq's acquisition encompasses four of Carpenter Moore's geographic locations, including San Francisco, Texas, Minnesota and Massachusetts. The Connecticut and New Jersey operations are being spun off in a separate transaction. The transaction is expected to close in the fourth quarter.
On Wednesday, shares of Nasdaq fell 51 cents to $25.11.