
\documentclass{article}
\usepackage{amsmath}
\begin{document}
\begin{itemize}
\item Riemann Sum
\item Trapezoidal Rule
\item Simpson's 1/3 Rule
\item Simpson's 3/8 Rule %
\smash{\raisebox{.5\dimexpr3\baselineskip+4\itemsep+2\parskip}{$\left.\rule{0pt}{.5\dimexpr4\baselineskip+3\itemsep+3\parskip}\right\}\text{Newton Cotes formulae of different degrees}$}}
\end{itemize}
\end{document}
For beamer class, \linewidth is much smaller and you need to put the text into a \parbox to allow text wrap. Note also that itemize environment in beamer is totally different from that in normal classes, so, you may need some manual adjustments:

\documentclass{beamer}
\usepackage{amsmath,lmodern}
\begin{document}
\newcommand{\insm}{%
\smash{\raisebox{.5\dimexpr3\baselineskip+4\itemsep+2\parskip}{$\left.\rule{0pt}{.5\dimexpr4\baselineskip+3\itemsep+3\parskip}\right\}$\ \parbox{5.5cm}{Newton Cotes formulae of different degrees}}}
}
\begin{frame}
\begin{itemize}
\item Riemann Sum
\item Trapezoidal Rule
\item Simpson's 1/3 Rule
\item Simpson's 3/8 Rule \insm
\end{itemize}
\end{frame}
\end{document}
Finally, a flexible tikz solution (since I'm personally fond of tikz, I decided to post an alternative beautiful solution with tikz):

\documentclass{beamer}
\usepackage{amsmath,lmodern,calc,tikz,textcomp}
\usetikzlibrary{tikzmark,calc}
\begin{document}
\newcommand\insm{%
$\left.\rule{0pt}{2.5\baselineskip}\right\}$\parbox{\textwidth-2ex}{%
\begin{itemize}
\item[\textbullet] Newton Cotes formulae ...
\item[\textbullet] Newton Cotes formulae ...
\end{itemize}}
}
\begin{frame}
\begin{itemize}
\item Riemann Sum
\item Trapezoidal Rule\tikzmark{S}
\item Simpson's 1/3 Rule\tikzmark{E}
\item Simpson's 3/8 Rule
\end{itemize}
\tikz[remember picture, overlay]{%
\node [shift={(1ex,.6ex)},text width=6.5cm,anchor=west] at ($(pic cs:S)!.5!(pic cs:E)$){\insm};}
\end{frame}
\end{document}
.5\baselineskip + .5\itemsep + .5\parsep. probably a bit more complicated, because it has to be put in a box, but that should give a starting point for experimentation. – barbara beeton Aug 06 '15 at 19:57