NSM Insurance Group Finalizes Sale of U.S. Commercial Insurance Division
NSM Insurance Group has completed the sale of its U.S. commercial insurance division to investment firm New Mountain Capital. The deal includes 15 insurance programs across accident and health, property/casualty, and reinsurance, along with the retail agency NSM Insurance Brokers.
As part of the transition, NSM’s operations will be split into two distinct entities. New brand identities will be introduced for both the U.S. commercial and direct-to-consumer businesses, although no timeline for the rebranding was disclosed.
Geof McKernan, founder of NSM, and Bill McKernan, the company’s president, have joined the board of the new organization backed by New Mountain Capital. Aaron Miller, who previously served as NSM’s chief commercial lines officer, has been appointed chief executive officer of the newly formed company.
The sale marks a shift in NSM’s business structure, allowing the group to focus on other specialty lines while New Mountain takes over the commercial portfolio. In the months leading up to the sale, NSM remained active in the mergers and acquisitions space. Recent acquisitions include ISO Student Health Insurance in July 2024, Envisage International in October 2023, and AllClear Travel Insurance and InsureandGo in May 2024.
NSM manages more than $1.8 billion in premium across over 25 specialty programs, with offerings that include collector vehicles, student health and travel, social services, behavioral health, addiction treatment, and coastal condominiums. New Mountain Capital, based in New York, manages approximately $55 billion in assets across private equity, strategic equity, credit, and net lease real estate funds.
