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American : AIG Agrees to Acquire a Controlling Stake in NSM Insurance Group, Expanding Services in Managed Programs

03/16/2015 | 07:27am EDT

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 insurance programs.

“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 | YouTube: www.youtube.com/aig | Twitter: @AIG_LatestNews | LinkedIn: http://www.linkedin.com/company/aig

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.

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