Specialty insurer NSM Insurance Group said it has completed the sale of its U.S. commercial insurance division to investment firm New Mountain Capital.
The agreement includes NSM’s portfolio of 15 niche insurance programs across property/casualty, accident & health, and reinsurance—as well as its retail agency, NSM Insurance Brokers.
Conshohocken, Pennsylvania-based NSM will become two separate entities as a result of the sale. New brands will be announced shortly for 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.
“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,” said Geof McKernan, NSM’s founder.
The deal was announced in February. Terms were not disclosed.
Compre Buys Covea’s CSE Group
Compre Group Holdings, said it completed its acquisition of CSE Group, a U.S. subsidiary of Covéa.
Financial terms were not disclosed.
Civil Service Employees Insurance Company and CSE Safeguard Insurance Company comprise CSE Group of Walnut Creek, California. The personal lines carriers stopped writing new business in January 2024 and is not longer renewing policies in their portfolios, said Bermuda-domiciled specialty reinsurer Compre.
Late in 2023, CSE Group requested to no longer participate in AM Best’s interactive rating process. In 2022, Porch Group Inc. and Covéa mutually agreed to terminate an acquisition of CSE.
Topics Mergers & Acquisitions Commercial Lines Business Insurance
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