Managing General Agent NBS Underwriting has announced the acquisition of Capital Markets Underwriting Limited (CMU), an independent Underwriting Agency and Lloyd’s Coverholder.
According to NBS, this “strategic move” is a significant step in its mission to double in size within the next five years through organic growth and acquisitions.
“The addition of CMU aligns with NBS’ UK growth ambitions and brings a complementary insurance specialist into its expanding business,” the firm said.
NBS noted that the acquisition will enable the company to enrich its insurance portfolio through the addition of commercial combined products and the integration of specialised expertise from both organisations.
Steve Cowman, Managing Director of NBS, expressed enthusiasm about the prospect of working with CMU, stating, “This acquisition allows us to expand into the commercial combined arena and provide an even wider range of products to brokers.
“The transaction strengthens the position of both NBS and CMU in the broker market, delivering significant synergies and granting our brokers a competitive advantage with multiple product offerings. We look forward to welcoming CMU to the NBS family.”
Stan Kaznowski, CEO of The NBS Group, added, “Our strategy at NBS is focused on expanding our business, and acquisitions play a key role in achieving our goals.
“The purchase of CMU presents an excellent opportunity to complement NBS’ existing expertise in the UK and Irish markets, further building on our success.”
CMU’s Director, Tim Mahon, said, “The opportunities that have opened for CMU by becoming part of the NBS group are vast, and we look forward to growing our business alongside our new colleagues.
“As service, product range, and technology become even more important for brokers, CMU can leverage the capabilities that NBS already has in place.
“Our expert team of underwriters will continue to apply their expertise to commercial combined as they have always done, now with the strength and backing of NBS.”
Following the acquisition, CMU will continue to operate from its headquarters in Harpenden, Hertfordshire, providing uninterrupted service to its valued partners and clients.
