American International Group Inc. has acquired a controlling interest in NSM Insurance Group, a national expert on insurance program administration. For more than 25 years, NSM Insurance Group has been an industry leader in the development, implementation, marketing and underwriting of industry-specific insurance programs, AIG said, and handles $500 million in annual premium.
"AIG brings NSM strong financial backing and A+ rated paper which will power our acquisitions and internal growth plans," said Geof McKernan, CEO, NSM Insurance Group. "We have dynamically grown our operations for 25 years. In the last 10 years, we completed 16 acquisitions and launched another 6 insurance programs. AIG's investment enables us to remain entrepreneurial and to continue to seek out new opportunities for growth through acquisition, organic program development, and other direct and risk-bearing underwriting deals."
NSM Insurance Group's insurance programs include social services and behavioral health, CAT driven property, collector cars, workers' comp, aviation, sports and fitness, microbreweries and professional liability for lawyers, dentists, architects and engineers.
"NSM's track record, highly innovative approach to program structuring, and strong reputation enhances AIG's ability to deliver comprehensive products and services customers need to successfully manage risk," said Robert Schimek, CEO of the AIG Americas Region. "We look forward to working with the exceptional management team at NSM to further grow this important business."
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