NSM Insurance Group has finalized the sale of its U.S. commercial insurance division to investment firm New Mountain Capital.
The deal includes 15 insurance programs across accident and health, property/casualty, and reinsurance, along with the retail agency NSM Insurance Brokers, the company said in a statement. As part of the transition, NSM’s operations will be split into two distinct entities. New brand identities will be introduced for both the U.S. commercial and direct-to-consumer businesses, though no timeline for the rebranding was disclosed.
Geof McKernan, founder of NSM, and Bill McKernan, the company’s president, have joined the board of the new organization backed by New Mountain Capital. Aaron Miller, who previously served as NSM’s chief commercial lines officer, has been appointed chief executive officer of the newly formed company.
NSM first announced the agreement with New Mountain Capital in February. The sale marks a shift in NSM’s business structure, allowing the group to focus on other specialty lines while New Mountain takes over the commercial portfolio.
In the months leading up to the sale, NSM remained active in the mergers and acquisitions space. In July 2024, the company acquired ISO Student Health Insurance, which offers accident and sickness coverage for international students studying in the United States. This followed the October 2023 purchase of Envisage International, a provider of health and travel insurance plans for international students and cultural exchange participants.
NSM further expanded its travel insurance capabilities in May 2024 with the acquisition of U.K.-based AllClear Travel Insurance and InsureandGo. Other recent deals include the August 2024 acquisition of GIG Insurance Group and Gifford Wells Insurance, both of which offer professional liability coverage. In June 2024, NSM acquired Strategic Underwriters International, a managing general agent focused on facultative reinsurance. In July 2023, the company added Shield Commercial Insurance Services, which provides insurance solutions for contractors.
NSM manages more than $1.8 billion in premium across over 25 specialty programs, with offerings that include collector vehicles, student health and travel, social services, behavioral health, addiction treatment, and coastal condominiums.
New Mountain Capital, based in New York, manages approximately $55 billion in assets across private equity, strategic equity, credit, and net lease real estate funds.
