NSM to Sell US Commercial Insurance Division to New Mountain Capital

NSM Insurance Group, a prominent global specialty insurance provider, has agreed to sell its US commercial insurance division to New Mountain Capital, a distinguished investment firm, in a definitive transaction. This sale includes a diverse array of 15 niche insurance programs across segments such as property & casualty, accident & health, and reinsurance, as well as NSM Insurance Brokers. This division will be spun into an independent entity, temporarily retaining the NSM brand until a new one is decided. Scheduled to close within 45 days, subject to customary conditions, the move aims to propel growth under the stewardship of New Mountain Capital. Key executives from NSM, such as Geof McKernan and Bill McKernan, will transition to the board, while Aaron Miller, a notable leader in the insurance landscape, steps up as CEO of the new entity. Moreover, several advisors have facilitated this transaction, including Houlihan Lokey and Wachtell, Lipton, Rosen and Katz for NSM, and Ardea Partners and Simpson Thacher & Bartlett LLP for New Mountain. The deal is anticipated to solidify NSM’s market position and drive continued growth, backed by New Mountain's expertise and financial muscle. Carlyle, NSM's current owner, has lauded the significant growth and strategic successes achieved over the last three years and will maintain efforts to grow NSM’s other brands.