NSM Insurance Group (NSM), a Pennsylvania-headquartered managing general underwriting agency and program administrator for specialty insurance programs, has entered into a definitive agreement to acquire Kingsbridge Group Ltd., a provider in the UK of specialist insurance for skilled contractors and freelancers.
Financial terms of the deal were not disclosed. The transaction is subject to regulatory approval in the UK and Guernsey.
Founded in 2001, Kingsbridge has been privately owned since May 2016 by Dunedin LLP, a UK private equity house.
“We are excited to expand further in the UK with the acquisition of Kingsbridge, which fits nicely into NSM’s portfolio of niche-focused insurance businesses,” said Geof McKernan, chief executive officer of NSM, which is a subsidiary of White Mountains. “We look forward to working with James and his team and to providing them with support and resources to continue to grow the business.”
James Twining, group chief executive officer of Kingsbridge, said: “We look forward to joining Geof and the NSM family. Our cultures align seamlessly. Together, we will offer a compelling value proposition to our clients and carrier partners while delivering comprehensive insurance coverage for contractors, freelancers and the recruitment industry.”
The current Kingsbridge management team will continue to manage the day-to-day operations of the business post-closing. NSM said it will support Kingsbridge’s growth strategy, and the combination will help accelerate growth across both companies.
The transaction is expected to close by the end of the second quarter of 2020.
About Kingsbridge Group Ltd.
Kingsbridge has offices in Tewkesbury, UK (the headquarters), London, Liverpool, Leicester and Guernsey and employs approximately 100 people. It supports over 55,000 contractor and freelance customers with their insurance and IR35 needs through its Kingsbridge, Larsen Howie and Dinghy brands, working with over 500 partners and through its own online distribution channels. (IR35 insurance helps UK contractors in the event they are investigated by tax authorities).
About NSM Insurance Group
For 30 years, NSM has been a specialist in the development, implementation, underwriting, distribution and marketing of industry-specific insurance programs. A subsidiary of White Mountains Insurance Group Ltd., NSM has established programs in the UK, including Vantage Insurance Programs, Classic Insurance, Maybury James, First Underwriting Limited and Fresh. The company’s U.S.-based insurance programs include coastal condominium; collector cars; specialty transportation; pet insurance; sports and fitness; social services and behavioral health; professional liability for architects and engineers; staffing; workers’ compensation; and E&S binding authority.
Source: NSM Insurance Group, Kingsbridge Group
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