NSM Insurance Group, an insurance program administrator based in Pa., has agreed to enter into a joint venture with Massachussetts-based private equity investment firm, ABRY Partners, and AIG.
Through this partnership, NSM Insurance Group aims to quickly grow and diversify in the niche specialty insurance business. According to CEO Geof McKernan, the partnership with ABRY Partners has allowed NSM to seek new opportunities for growth through acquisition, program development and other direct and risk bearing businesses.
It isn’t the first time the three firms have worked together. NSM Insurance Group initially received a capital investment from ABRY Partners in 2012 to fund its ongoing growth and acquisition strategy, and AIG last year agreed to acquire a controlling stake in NSM Insurance Group from ABRY Partners and NSM management. This time, AIG will contribute its controlling equity ownership of NSM into the joint venture, which will be majority owned by ABRY.
NSM Insurance Group has completed more than 16 acquisitions and launched eight new insurance programs in the last decade, McKernan said, and it is actively seeking insurance businesses both in the U.S. and the U.K going forward.
Source: NSM Insurance Group
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