The acquisitions will improve NSM’s array of specialty insurance programmes and brands for both P&C industry and consumer insurance. Credit: Shutter z/Shutterstock.

Specialty insurer NSM Insurance Group has acquired GIG Insurance Group (GIG) and Gifford Wells Insurance (GWI), broadening its professional liability insurance portfolio. 

The financial details of both the transactions have not been disclosed. 

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GIG, located in Fort Lauderdale, Florida, is known for its role as a managing general agent (MGA) in the community association management liability and lawyers’ professional liability markets.  

Since its inception in 2006, GIG has been providing directors and officers (D&O) liability insurance and crime insurance coverages through an advanced technology platform that streamlines the process for agents and brokers. 

In 2015, GIG further extended its services with the establishment of GIG Professional Programmes, focusing on professional liability and risk management services for lawyers in Florida. 

Meanwhile, GWI, an independent insurance broker founded in 2003, specialises in professional liability insurance catering primarily to lawyers, doctors, certified public accountants (CPAs), and architects and engineers.  

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The company is known for its expertise in medical malpractice, lawyers’ professional liability, CPA professional liability and miscellaneous professional liability, offering solutions to professionals to safeguard their practices. 

With the completion of these acquisitions, Eric Gifford will take on the role of president of both GIG Insurance Group and Gifford Wells Insurance.  

NSM Insurance Group sees these acquisitions as a strategic boost to its specialty insurance programmes for both commercial P&C and consumer markets. 

It currently has around $1.8bn in premiums across more than 25 different insurance programmes. 

The company’s resources in IT, operations, marketing, HR, data and analytics, and finance are expected to support the integration and growth of the newly acquired entities. 

Gifford added: “For the past two decades, our mission has been simple – to deliver unparalleled liability insurance solutions and top-notch service to our valued agents partners and clients.  

“NSM is well respected in the industry as the leader in specialty, niche insurance on both the programme and retail side – and we are truly excited to combine our expertise to grow our business and expand our footprint.”