NSM Insurance Group (“NSM”), a global specialty insurance provider, announced today it has completed the sale of its U.S. commercial insurance division to New Mountain Capital (“New Mountain”), a leading growth-oriented investment firm with over $55 billion in assets under management.
The agreement encompasses NSM’s diverse portfolio of 15 market-leading niche insurance programs across Property & Casualty, Accident & Health and Reinsurance — as well as its retail agency, NSM Insurance Brokers.
As the NSM business evolves into two separate entities as a result of the sale, new brands will be announced shortly for both the U.S. commercial division and the company’s remaining direct-to-consumer insurance brands.
As a result of the transaction, Geof McKernan and Bill McKernan have joined the board of directors for the new entity backed by New Mountain, and Aaron Miller, Chief Commercial Lines Officer at NSM, has been appointed as Chief Executive Officer, effective immediately.
Geof McKernan, NSM’s Founder commented, “We are extremely pleased to complete the transaction with New Mountain and I’m confident they are the perfect partner to accelerate the growth of the business as they embark on this next chapter of the company’s evolution and deliver significant value to the team and its partners and customers.”
Robert Mulcare, Managing Director, and Sean Donovan, Director at New Mountain Capital, added, “We are excited about this milestone and look forward to collaborating with Aaron and the team to build the business into the leading independent commercial insurance MGA, recognized for its exceptional team, innovation and specialty solutions.”
About NSM Insurance Group
NSM Insurance Group is a global specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and risk management expertise. The company has built more than $2 billion in premium across 30+ specialty insurance programs and brands around the world focused on collector cars; student health and travel; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for architects and engineers, lawyers, CPAs and doctors; habitational; community association management; commercial and residential contractors; staffing; workers’ compensation; medical stop-loss and managed care; and facultative reinsurance. For more information on NSM, visit nsminc.com.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit www.newmountaincapital.com.
