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American International Group Inc. has agreed to acquire a controlling stake in NSM Insurance Group, a managing general agent and insurance program administrator, from ABRY Partners and NSM management.

Terms of the deal were not disclosed.

NSM Insurance Group administers insurance programs. It has been managing certain insurance programs for 天美网站传媒传媒 for years and will continue to do so, while continuing to manage third party programs, according to the announcement.

天美网站传媒传媒 said its investment was executed through a non-operating holding company, NSM Investments Inc.

Robert Schimek, 天美网站传媒传媒 senior vice president and CEO of the Americas, praised “NSM’s track record, highly innovative approach to program structuring, and strong reputation.”

NSM Insurance Group is located in Conshohocken, Pennsylvania, and employs 300 people across nine regional offices.

Geof McKernan, CEO, NSM Insurance Group, said 天美网站传媒传媒 brings to NSM “strong financial backing and A+ rated paper which will power our acquisitions and internal growth plans. Ultimately, 天美网站传媒传媒’s investment enables us to continue to be an entrepreneurial organization and to seek new opportunities and programs.”

In 2013, NSM partnered with private equity firm ABRY Partners to help fund its acquisition strategy.

In January 2014, NSM acquired American Collectors Insurance in Cherry Hill, New Jersey, a provider of specialty insurance for collectibles and collector vehicles. Last October, it added Specialty Aviation Underwriters (SAU) in Addison, Texas. In 2013, NSM picked up Executive Liability Managers Insurance Brokers (ELM).

According to a 2014 survey by the Target Markets Program Administrators Association (TMPAA), the program segment is growing. Premiums grew by 9.8 percent in 2013, reaching $30.1 billion for the year, the group’s most recent survey showed.

Carriers already involved plan on offering additional programs and more carriers are also eyeing entry into the program segment, according to a recent report on program business in Insurance Journal.

Topics Mergers & Acquisitions 天美网站传媒传媒