NSM completes takeover of reinsurance company MGA | Insurance business America
The acquired company specializes in the general, automotive and luxury goods sectors
Insurance News
By Kenneth Araullo
Specialist insurer NSM Insurance Group has completed the acquisition of Strategic Underwriters International (SUI).
SUI, based in Doylestown, Pennsylvania, is a managing general agent (MGA) in the facultative liability reinsurance market.
SUI specializes in facultative casualty reinsurance for a variety of lines of business, including general liability, automobile liability, excess/umbrella liability and workers’ compensation.
“We are pleased to announce our latest strategic acquisition in the SUI facultative liability reinsurance space,” said Bill McKernan, President of NSM Insurance Group (pictured above). “SUI is a dynamic company with exceptional underwriting and a proven track record of consistently delivering outstanding profitability for its key reinsurance partners. SUI is a leader in facultative reinsurance, which is often an underserved category in the industry.”
Bill Reichert, president of Strategic Underwriters International, also hailed the acquisition as a major highlight for the company.
“Today marks an exciting milestone as we join the NSM family of specialty insurance brands. Over the past 10+ years, we have established SUI as a respected leader in the reinsurance business due to our robust relationships and strong underwriting results. NSM has the most advanced resources and capabilities to grow our business by improving our offering to the insurance market, including a focus on key product development, technology systems and AI initiatives,” said Reichert.
This acquisition complements NSM’s portfolio of specialty commercial property and casualty (P&C) and consumer insurance programs and brands, supported by resources in IT, data and analytics, operations, marketing, human resources and finance.
NSM has more than $1.8 billion in premiums across over 25 niche insurance programs.
Other recent developments include the specialist insurer announcing a landmark deal as it signed a definitive agreement to acquire InsurEVO, a UK-based company specializing in personal travel insurance, operating two brands – AllClear Travel Insurance and InsureandGo – and serves over three million customers.
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2024-06-05 14:10:43
www.insurancebusinessmag.com
