New Mountain Capital, an investment firm, has agreed to buy the commercial insurance division of Pennsylvania-based NSM Insurance Group.
The firms said in a news release that the deal is expected to close in the next 45 days. Terms were not disclosed.
Based in Conshohocken, outside of Philadelphia, NSM holds a portfolio of some 15 niche insurance programs as well as a retail brokerage. It has been supported by capital from Carlyle, a global investment firm.
Geof McKernan is CEO of NSM. He and Bill NcKernan, president, will join the board of directors, but Aaron Miller, chief commercial lines officer at NSM, will be CEO of the division that will be part of New Capital, the news release explained. Miller has more than 20 years of experience in property-casualty commercial lines.
The new NSM commercial division will continue to be marketed as NSM until a new brand name is established, the companies said.
NSM was founded in 1990 and now has some $2 billion in premium.
New Capital, based in New York, said it has about $55 million in assets under management. The firm focuses on business growth and long-term capital appreciation.
Topics
Commercial Lines
Business Insurance
Pennsylvania
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.