Specialty insurer NSM Insurance coverage Group stated it has accomplished the sale of its U.S. business insurance coverage division to funding agency New Mountain Capital.
The settlement consists of NSM’s portfolio of 15 area of interest insurance coverage packages throughout property/casualty, accident & well being, and reinsurance—in addition to its retail company, NSM Insurance coverage Brokers.
Conshohocken, Pennsylvania-based NSM will change into two separate entities on account of the sale. New manufacturers might be introduced shortly for the U.S. business division, and the corporate’s remaining direct-to-consumer insurance coverage manufacturers.
Because of the transaction, Geof McKernan and Invoice McKernan have joined the board of administrators for the brand new entity backed by New Mountain, and Aaron Miller, chief business traces officer at NSM, has been appointed as chief government officer, efficient instantly.
“We’re extraordinarily happy to finish the transaction with New Mountain and I’m assured they’re the right associate to speed up the expansion of the enterprise as they embark on this subsequent chapter of the corporate’s evolution and ship important worth to the workforce and its companions and clients,” stated Geof McKernan, NSM’s founder.
The deal was announced in February. Phrases weren’t disclosed.
Compre Buys Covea’s CSE Group
Compre Group Holdings, stated it accomplished its acquisition of CSE Group, a U.S. subsidiary of Covéa.
Monetary phrases weren’t disclosed.
Civil Service Staff Insurance coverage Firm and CSE Safeguard Insurance coverage Firm comprise CSE Group of Walnut Creek, California. The private traces carriers stopped writing new enterprise in January 2024 and isn’t longer renewing insurance policies of their portfolios, stated Bermuda-domiciled specialty reinsurer Compre.
Late in 2023, CSE Group requested to no longer participate in AM Greatest’s interactive score course of. In 2022, Porch Group Inc. and Covéa mutually agreed to terminate an acquisition of CSE.
Subjects
Mergers & Acquisitions
Commercial Lines
Business Insurance
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