Specialty insurer NSM Insurance Group has completed the divestiture of its US commercial insurance division to investment firm New Mountain Capital.
The financial details of the deal, initially announced in February this year, remain undisclosed.
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The sale includes NSM’s portfolio of 15 niche insurance programmes spanning property and casualty (P&C), accident and health (A&H) and reinsurance, as well as NSM Insurance Brokers.
NSM will split into two entities, with new brands soon to be introduced for the US commercial division and its direct-to-consumer insurance brands.
NSM founder Geof McKernan said: “We are extremely pleased to complete the transaction with New Mountain and I am 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.”
Set up in 1990, NSM manages more than $2bn in premiums and operates more than 30 niche insurance programmes worldwide to date.
New Mountain Capital managing director Robert Mulcare and director Sean Donovan stated: “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 [managing general agent], recognised for its exceptional team, innovation and specialty solutions.”
In August 2024, NSM sold its UK travel insurance brands AllClear and InsureandGo to InsurEVO.
New Mountain Capital currently manages private equity, strategic equity, credit and net lease real estate funds with around $55bn in assets under management.
