NSM Insurance Group announced today an agreement to enter into a joint venture with ABRY Partners and AIG. AIG will contribute its controlling equity ownership of NSM into the joint venture, which will be majority owned by ABRY. NSM Insurance Group is a leader and national expert on insurance program administration.
"ABRY Partners enhances our ability to seek out new opportunities for growth through acquisition, organic program development and other direct and risk-bearing businesses," said Geof McKernan, CEO, NSM Insurance Group. "We have dynamically grown our operations for 26 years. In the last 10 years we have completed over 16 acquisitions and launched 8 new insurance programs. We are actively seeking insurance business, both here in the US as well as in the UK."
"We are excited to be partnering with NSM and AIG to build the world's leading specialty MGA platform," saidBrent Stone, a Partner at ABRY. "The combination of NSM's expertise driving consistently profitable premium, ABRY's proven ability to grow businesses both organically and through acquisition and AIG's world renowned underwriting capabilities creates and opportunity to drive significant and sustained value for all parties involved."
"Having two strong, dynamic partners will only speed our growth and diversification in the niche specialty insurance business," said McKernan.
About NSM Insurance Group
For more than 26 years, NSM Insurance Group has been an industry leader in the development, implementation, marketing and underwriting of industry-specific insurance programs and has grown to over$500 million in annual premium.
NSM Insurance Group's unique model of blending innovative marketing, profitable underwriting discipline, and state of the art back-room processes, creates a corporate culture of profitability and growth. The Company's insurance programs include social services and behavioral health; CAT driven property; collector cars; workers' compensation; aviation; sports and fitness; microbreweries; and professional liability for lawyers, dentists, architects and engineers.
NSM Insurance Group is actively seeking profitable niche programs, existing books of business, MGAs and agencies. Contact Geof McKernan, CEO, at 610-941-9877 x116; GTMcKernan@nsminc.com or Bill McKernan, President, at 610-941-9877 x111; WTMcKernan@nsminc.com for more information, or visit www.nsminc.com.
About ABRY Partners
Founded in 1989, ABRY Partners is one of the most experienced and successful media, communications, business and information services focused private equity investment firms in North America. Since its founding, ABRY has completed over $61 billion of transactions, representing investments in over 550 properties. ABRY has a long standing and successful history of investment in the insurance services sector and its investment in NSM Insurance is in keeping with this strategy.
