NSM Completes Sale of US Commercial Insurance Division to New Mountain

NSM Insurance Group, a global leader in specialty insurance, has finalized the sale of its US commercial insurance division to New Mountain Capital, an investment firm with a focus on growth. Announced initially in February 2025, the transaction includes NSM's extensive range of 15 niche insurance programs covering various sectors such as property & casualty, accident & health, and reinsurance, as well as its retail agency, NSM Insurance Brokers. This deal leads to the bifurcation of NSM into two distinct entities, with new brands for both the US commercial division and its remaining direct-to-consumer operations set to be unveiled. Post-transaction, NSM's founder, Geof McKernan, and President, Bill McKernan, joined the board of the newly established entity supported by New Mountain Capital. Aaron Miller, previously NSM's Chief Commercial Lines Officer, has been appointed the new CEO. New Mountain Capital representatives, Robert Mulcare and Sean Donovan, expressed their enthusiasm for the partnership, expressing confidence in growing the division into a leading independent commercial insurance MGA known for its innovation and specialized offerings.