American International Group, Inc. (NYSE:AIG) announced today that it
has agreed to acquire a controlling stake in NSM Insurance Group, a
leading U.S. managing general agent and insurance program administrator,
from ABRY Partners and NSM management. Terms of the deal were not
disclosed. The transaction is expected to close within the next 30 days.
NSM Insurance Group is a recognized leader in insurance programs
administration, well known for its unique development and implementation
of programs for a broad range of niche customer segments. NSM has been
managing certain insurance programs for AIG for more than 15 years and
will continue to do so, while continuing to manage third party programs.
AIG’s investment was executed through a non-operating holding company,
NSM Investments, Inc.
AIG’s stake in NSM furthers its strategic goal of diversifying its
product offerings and provides its customers greater access to unique
“NSM’s track record, highly innovative approach to program structuring,
and strong reputation enhances AIG’s ability to deliver the
comprehensive products and services customers need to successfully
manage risk,” said Robert Schimek, AIG Senior Vice President and CEO of
the Americas. “We look forward to working with the exceptional
management team at NSM to further grow this important business.”
NSM Insurance Group is managed by a strong team with decades of proven
leadership in distribution and program management. The company is
located in Conshohocken, Pennsylvania, and employs 300 people across
nine regional offices.
“We are pleased to partner with AIG,” said Geof McKernan, CEO, NSM
Insurance Group. “AIG brings to NSM strong financial backing and A+
rated paper which will power our acquisitions and internal growth plans.
Ultimately, AIG’s investment enables us to continue to be an
entrepreneurial organization and to seek new opportunities and programs.”
American International Group, Inc. (AIG) is a leading global insurance
organization serving customers in more than 100 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
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AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.