NSM brand to retire as company splits into two new entities

NSM Insurance Group  is retiring its brand following the sale of its U.S. commercial insurance division to investment firm New Mountain Capital. The move marks a restructuring, with NSM set to split into two separate entities—each adopting a new brand to reflect a more focused strategic direction.

One of the new entities is Ignyte Insurance , a specialty insurance platform led by NSM’s former CEO Geof McKernan and President Bill McKernan. Backed by Carlyle since 2022, Ignyte will focus on acquiring and scaling niche insurance brands across segments such as collector vehicles, travel medical, and international student health.

Meanwhile, the commercial division acquired by New Mountain Capital is now known as Novacore, aligned with the unit’s property & casualty, accident & health, and reinsurance offerings.