NSM Insurance Group Divests Commercial Division
NSM Insurance Group, a specialist managing general agent, has reached an agreement to transfer its U.S. commercial insurance division to New Mountain Capital, a private equity firm situated in New York.
The particulars of this transaction have not been made public. The expected completion date is approximately 45 days from now, contingent upon the necessary regulatory approvals.
This deal encompasses NSM’s collection of 15 specialized insurance programs spanning property and casualty, accident and health, and reinsurance. Additionally, NSM Insurance Brokers, the retail agency, is part of the agreement. The programs are set to operate as a fresh, independent business, and will continue to operate under the NSM brand identity until a new commercial name is adopted, as per a statement released by NSM, which is based in Conshohocken, Pennsylvania.
Aaron Miller, who currently serves as the chief commercial lines officer at NSM, is slated to assume the role of CEO within the new enterprise. Geof McKernan, formerly the CEO, along with Bill McKernan, who previously held the position of president, are slated to be part of the board of directors once the agreement is finalized.
Established in 1990, NSM functions globally as a specialized managing general agent, overseeing more than $2 billion in premiums across more than 30 distinct insurance programs. In 2022, NSM was previously sold by White Mountains Insurance Group Ltd. to Carlyle Group Inc. Carlyle intends to collaborate with NSM to facilitate the growth of its remaining businesses that directly address consumer needs, as well as to explore strategic opportunities for future acquisitions, according to Jim Burr, who co-heads financial services at Carlyle.
