Program specialist NSM Insurance Group has acquired Embrace Pet Insurance, a Cleveland-based national provider of pet health insurance for dogs and cats.
No terms of the transaction were disclosed.
Embrace offers an accident and illness insurance plan that is underwritten by American Modern Insurance Group in all states except Florida, where policies are underwritten by American Southern Home Insurance.
Embrace sold its first policy in 2006. One of its plan’s signature features is its diminishing deductible.
Geof McKernan, CEO of NSM, said Embrace provides his firm with a “strong platform” to accelerate its growth in the pet health insurance space.
Embrace’s current management team will continue to operate the business from its headquarters in Cleveland, under the existing Embrace Pet Insurance brand. Embrace has more than 100 employees.
NSM Insurance Group is a subsidiary of White Mountains Insurance Group.
Source: NSM Insurance Group
Topics Mergers & Acquisitions
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