NSM Insurance Group, a Conshohocken, Penn., based insurance program administrator, has acquired Vantage Holdings, a U.K.-based collector car and outdoor leisure program administrator. The acquisition is subject to FCA approval.
This move marks NSM Insurance Group’s first international acquisition and will serve as a platform for expanding NSM’s presence in the U.K. markets.
“A key aspect of our growth plans for this year was to find an opportunity to expand our business at the international level,” said NSM Insurance Group CEO Geof McKernan in a company press release. “We were attracted to Vantage because they have been aggressive and efficient in building their business over the past decade and have a reputation as a leading program administrator.”
Vantage Holdings, which includes Vantage Insurance Services and Classic Insurance Services, is an industry-specific insurance program administrator that was established in 2004. The Classic Insurance Services program, which specializes in insuring classic cars, classic motor trade and high net worth collections, is the fourth collector car insurance program to be added to NSM’s portfolio. Additionally, Vantage Insurance Services is one of the largest insurers of outdoor leisure and tour operator liability in the U.K.
“NSM likes to do business with the U.K. because the insurance market is relationship driven and insurers continue to be innovative in their product design and in their overall view on insuring a very wide array of exposures,” McKernan explained in the release. “This acquisition provides us with a platform for entering the marketplace in the U.K. and competing on the international level. We will continue to enhance and grow Vantage’s current books of business in the collector car, outdoor leisure and tourism spaces, and explore opportunities to expand into new industries.”
Going forward, NSM Insurance Group is seeking to acquire additional niche specific insurance businesses and program managers.
Source: NSM Insurance Group
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