NSM completes acquisition of reinsurance MGA
NSM completes acquisition of reinsurance MGA | Insurance Business America
Insurance News
NSM completes acquisition of reinsurance MGA
Acquired firm specializes in general, automobile, and excess
Insurance News
By
Kenneth Araullo
Specialty insurance provider NSM Insurance Group has completed the acquisition of Strategic Underwriters International (SUI).
SUI, based in Doylestown, PA, is a managing general agent (MGA) in the casualty facultative reinsurance market.
SUI specializes in facultative casualty reinsurance for various lines of business, including general liability, automobile liability, excess/umbrella liability, and workers’ compensation.
“We are thrilled to announce our latest strategic acquisition in the casualty facultative reinsurance space with SUI,” NSM Insurance Group president Bill McKernan (pictured above) said. “SUI is a dynamic company with exceptional underwriting and a proven track record of consistently producing outstanding profitability for their key reinsurance partners. SUI is leading the way in facultative reinsurance, which is often an underserved category of the industry.”
Bill Reichert, president of Strategic Underwriters International, also welcomed the acquisition as a major highlight for the company.
“Today is an exciting milestone as we join the NSM family of specialty insurance brands. Over the past 10+ years, we have established SUI as a renowned leader in the reinsurance business based on our robust relationships and strong underwriting results. NSM has the cutting-edge resources and capacity to help our business grow by enhancing our offering to the insurance marketplace, including a focus on key product development, technology systems, and AI initiatives,” Reichert said.
This acquisition complements NSM’s portfolio of specialty insurance programs and brands for the commercial property and casualty (P&C) industry and consumer insurance, supported by resources in IT, data and analytics, operations, marketing, HR, and finance.
NSM operates with more than $1.8 billion in premium across 25+ niche insurance programs.
In other recent developments, the specialty insurance provider announced a landmark deal as it signed a definitive agreement to acquire InsurEVO, a UK-based firm specializing in personal lines travel insurance, operating two brands – AllClear Travel Insurance and InsureandGo – and serving over three million customers.
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