NSM Insurance Group announced today that the company has entered into an agreement with White Mountains Insurance Group LTD to acquire a majority equity stake in NSM Insurance Group; a leader and national expert on insurance program administration.
"White Mountains brings NSM strong financial backing and a long-term view of the business which will enable us to continue our organic and acquisition growth strategies both in the US and UK," said Geof McKernan, CEO, NSM Insurance Group. "We are excited and look forward to working with Manning Rountree, CEO, White Mountains and his team. They bring decades of deep insurance experience and know how."
"We are pleased to make this investment in NSM alongside the management team. The company is high quality and we believe there is tremendous opportunity to grow and expand the business," said Manning Rountree, Chief Executive Officer of White Mountains. "We look forward to working with Geof and his team, and to providing them with support and resources to continue to grow the business organically and through acquisitions."
In the past 12 years NSM has completed over 18 transactions, launched 8 new program ventures and we are actively seeking insurance business both here in the US and in the UK.
The transaction is expected to close by the end of the second quarter of 2018. The closing is subject to regulatory approvals and other customary closing conditions.
About NSM Insurance Group
For more than 27 years, NSM Insurance Group has been an industry leader in the development, implementation, marketing and underwriting of industry-specific insurance programs. The company's insurance programs include social services and behavioral health; CAT driven property; collector cars; workers' compensation; staffing; sports and fitness; breweries and wineries; professional liability for architects and engineers; and pet insurance. NSM Insurance Group is aggressively seeking to acquire additional program managers and niche specific insurance businesses. For more information, contact Bill McKernan at 610-808-9561.
