Bridge Specialty Group to Acquire NBS Insurance Agency
Deal News | Feb 04, 2025 | Globenewswire
Bridge Specialty Group (BSG), a prominent global insurance wholesaler, has entered a definitive agreement to acquire NBS Insurance Agency, Inc., currently operating as Nationwide Brokerage Solutions (NBS). The transaction, announced by BSG President Stephen M. Boyd and Nationwide Property & Casualty President Mark Berven, is slated to close in March 2025. This acquisition exclusively involves NBS Insurance Agency, excluding any Nationwide affiliates. BSG plans to integrate the talented NBS team into its operations, aiming to bolster its specialization and enhance existing capabilities. NBS will maintain its operational independence under the leadership of current President Ted Stuckey, who will report to BSG COO Anurag Batta. The transaction underscores the longstanding partnership between Nationwide and BSG, emphasizing mutual growth opportunities. As a division of Brown & Brown, Inc., BSG’s strategic expansion aligns with its objective to offer tailored insurance solutions across various practice groups. This acquisition is part of BSG’s broader strategy to fortify its market presence and expand its premium book.
Sectors
- Insurance
- Mergers and Acquisitions
Geography
- United States – Both Bridge Specialty Group and NBS Insurance Agency operate majorly within the United States, with headquarters and significant business operations based there.
Industry
- Insurance – The article discusses an acquisition within the insurance industry, focusing on the transaction between Bridge Specialty Group and NBS Insurance Agency, showcasing moves to expand in this sector.
- Mergers and Acquisitions – This sector is relevant as the article centers around BSG's acquisition of NBS, illustrating strategic growth through M&A activities.
Financials
- – The financial specifics of the transaction have not been disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bridge Specialty Group | Buyer | Company | A leading global insurance wholesaler aiming to expand its market presence through strategic acquisitions. |
| NBS Insurance Agency, Inc. | Target | Company | A wholesaler and market access provider for retail agents, operating as Nationwide Brokerage Solutions. |
| Nationwide Property & Casualty | Selling Company | Company | The parent company of NBS Insurance Agency, from which BSG is acquiring the target entity. |
| Stephen M. Boyd | President, Bridge Specialty Group | Person | Announced the acquisition on behalf of Bridge Specialty Group. |
| Mark Berven | President and COO, Nationwide Property & Casualty | Person | Announced the acquisition representing Nationwide Property & Casualty. |
| Ted Stuckey | President of NBS | Person | Will continue to lead NBS as a part of Bridge Specialty Group. |
| Anurag Batta | Chief Operating Officer, Bridge Specialty Group | Person | Overseeing the NBS operations post-acquisition. |