NSM Insurance Group to sell US commercial insurance division
Global specialty insurance provider NSM Insurance Group has signed a definitive agreement to sell its US commercial insurance division to New Mountain Capital, a growth-oriented investment firm with over $55 billion in assets under management. The transaction is expected to close in the next 45 days. The closing is subject to regulatory approvals and other customary closing conditions. NSM is a portfolio company of global investment firm Carlyle.
The agreement encompasses NSM’s diverse portfolio of 15 niche insurance programs across Property & Casualty, Accident & Health and Reinsurance — as well as its retail agency, NSM Insurance Brokers. These programs will form a new independent business entity, which will continue to be marketed as NSM until a new brand is established.
Since the company’s founding in 1990, NSM has grown and evolved into a global specialty insurance provider with more than $2 billion in premium across 30+ niche insurance programs.
“Today, we are excited for this milestone and for New Mountain to help lead the next stage of growth for these well-established specialty insurance brands. We are extremely proud of the unique portfolio of programs we have built over the last 35 years that provide a profitable and diversified position in today’s competitive marketplace. New Mountain has an impressive track record and we have the utmost confidence in their expertise, integrity and commitment to drive NSM forward. We want to thank the entire NSM team for their hard work — this transaction is a win for our team members and all stakeholders involved.” – Geof McKernan, CEO of NSM Insurance Group.
“The NSM team has done a tremendous job building an unparalleled specialty insurance distribution platform. The business has a 35-year track record of market-leading performance and we are delighted to partner to further build the business into the leading independent commercial insurance MGA business in the U.S.” – Robert Mulcare, Managing Director at New Mountain Capital.
