NSM Insurance Group Acquires Xpekt Ltd.

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Oct 22, 2018, 15:51 ET

CONSHOHOCKEN, Pa., Oct. 22, 2018 /PRNewswire/ -- NSM MGA Holdings Ltd has announced today that it has reached an agreement to acquire Xpekt Ltd, the motor insurance-focused Managing General Agent. This agreement represents an important step in NSM's ambitions to build a niche motor underwriting business in the UK, serving a select panel of specialist and community brokers, differentiated by superior service and supported by A-rated underwriting capacity.

Geof McKernan, NSM's CEO commented, "We have identified that there is demand in the UK market for a service-led underwriting business focused on niche and specialist motor segments. Xpekt have established a solid reputation in the market, and this acquisition is a key step in our journey.

"We are also delighted to announce that Mark Bacon will be joining NSM in the role of Managing Director. Mark will assume this role with effect from 22^nd October, subject to regulatory approval. Mark Bacon has previously held roles with ERS as Active Underwriter and Zurich as Global Head of Corporate Motor.

"Colin Hart will move to the role of Head of Underwriting for the Xpekt brand and will support Mark in bringing our strategy to life."

About NSM Insurance Group

For more than 27 years, NSM Insurance Group has been an industry leader in the development, implementation, marketing and underwriting of industry-specific insurance programs. The company's insurance programs include social services and behavioral health; CAT driven property; collector cars; workers' compensation; staffing; sports and fitness; breweries and wineries; professional liability for architects and engineers; and pet insurance. NSM Insurance Group is a subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM) and is aggressively seeking to acquire additional program managers and niche specific insurance businesses. For more information, contact Bill McKernan at 610-808-9561.

SOURCE NSM Insurance Group