New Mountain Capital, an investment firm, has agreed to buy the commercial insurance division of Pennsylvania-based NSM Insurance Group.
The firms said in a news release that the deal is expected to close in the next 45 days. Terms were not disclosed.
Based in Conshohocken, outside of Philadelphia, NSM holds a portfolio of some 15 niche insurance programs as well as a retail brokerage. It has been supported by capital from Carlyle, a global investment firm.
Geof McKernan is CEO of NSM. He and Bill McKernan, president, will join the board of directors, but Aaron Miller, chief commercial lines officer at NSM, will be CEO of the division that will be part of New Capital, the news release explained. Miller has more than 20 years of experience in property-casualty commercial lines.
The new NSM commercial division will continue to be marketed as NSM until a new brand name is established, the companies said.
NSM was founded in 1990 and now has some $2 billion in premium.
New Capital, based in New York, said it has about $55 million in assets under management. The firm focuses on business growth and long-term capital appreciation.
Was this article valuable?
Here are more articles you may enjoy.
Baldwin Group to Go Private After $7.7B Investment Deal 
US Data Centers Set to Burn More Natural Gas Than Most Nations 
New York Law Confirms Insurer Liability for Bad Faith Includes Third-Party Claims 
Morgan & Morgan Plans to Spend $1B on AI Platform in Coming Years 
