AIG Acquires A Controlling Interest In NSM Insurance Group

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Mar 16, 2015, 08:25 ET

CONSHOHOCKEN, Pa., March 16, 2015 /PRNewswire/ -- NSM Insurance Group announced today that a controlling interest in the company has been acquired by American International Group, Inc. (AIG), a leading international insurance organization serving customers in more than 100 countries, with the goal of enhancing the company's existing growth and acquisition strategy. NSM Insurance Group is a leader and national expert on insurance program administration.

"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'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, Chief Executive Officer of the AIG Americas Region. "We look forward to working with the exceptional management team at NSM to further grow this important business."

About NSM Insurance Group
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 and has grown to over $500 million in annual premium.

NSM Insurance Group's unique model of blending innovative marketing, profitable underwriting discipline, and state of the art back-room processes, creates a corporate culture of profitability and growth. The Company's insurance programs include social services and behavioral health; CAT driven property; collector cars; workers' compensation; aviation; sports and fitness; microbreweries; and professional liability for lawyers, dentists, architects and engineers.

NSM Insurance Group is actively seeking profitable niche programs, existing books of business, MGAs and agencies. Contact Geof McKernan, CEO, at 610-941-9877 x116; [email protected] or Bill McKernan, President, at 610-941-9877 x111; [email protected] for more information, or visit www.nsminc.com.

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SOURCE NSM Insurance Group