The Kingsbridge Group, a UK provider of specialist insurance services to contractors, has agreed to acquire NSM Insurance Group for an undisclosed sum.
NSM is based in Conshohocken, Pennsylvania, and is an industry leader in the development, implementation, marketing and underwriting of profitable, industry-specific insurance programs.
The deal marks an exit for UK private equity firm Dunedin which has backed the business since 2016.
Under Dunedin’s ownership, the business has made a number of acquisitions and has enjoyed significant growth, more than doubling its client base and revenues.
Commenting on the announcement, James Twining, Kingsbridge Group Chief Executive Officer, said, “From modest beginings, Kingsbridge has grown to become one of the leading players in the new, flexible economy.
“I would like to thank our customers, all our colleagues past and present, our partners, and our shareholders for all their support over the past twenty years in building the business to what it is today.
“We are delighted to be joining NSM, who share both our values and our vision for how the world of work is changing and the significant opportunities that lie ahead. With the benefits of their investment and experience, we look forward to enhancing our offering to clients and accelerating the next stage of our journey both in the UK and internationally.”
Geof McKernan, CEO of NSM Insurance Group, added, “We are excited to expand further in the UK with the acquisition of Kingsbridge, which aligns with NSM’s strategy of acquiring and growing a portfolio of niche-focused insurance businesses.
“Kingsbridge is a perfect fit, with strong alignment on company culture and customer satisfaction. We look forward to working with the whole team and providing them with support and resources to continue to grow the business.”