Reinsurance News

NSM acquires Sequoia Re, IOA Re and Rockport MGUs from J.C. Flowers

21st March 2023 - Author: Kane Wells

NSM Insurance Group has completed its acquisition of Sequoia Reinsurance Services, IOA Re and its divisions Rockport Benefits and Insurance Resources and Auditing Services, subsidiaries of ELMC Risk Solutions, a portfolio company of J.C. Flowers & Co.

Bill McKernan, President of NSM Insurance Group, commented, “We’re entrepreneurs at heart and we seize compelling opportunities to partner with high-performing companies with a proven track record of profitability.

“We’re excited about the synergies we have with the individual teams and the significant growth potential for each business.

“Our team is committed, motivated and laser-focused on driving the continued growth and innovation of these three businesses.”

J.C. Flowers is a leading private investment firm dedicated to investing in the financial services industry globally.

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Eric Rahe, Managing Director and Co-President of J.C. Flowers, said, “J.C. Flowers is proud to have supported ELMC’s growth over the years to include some of the most well-respected managing general underwriters in the industry.

“This is a positive outcome, and we believe these companies will continue to thrive as part of NSM.”

Richard Fleder, CEO of ELMC, added, “Sequoia Re, IOA Re and Rockport are remarkable MGUs with terrific management teams. We are very happy to have found a great home for them!”

John Parker, President and CEO of IOA Re suggested that the firm is thrilled to join the NSM family of best-in-class insurance offerings.

He said, “NSM is well respected throughout the industry for building successful businesses and their unparalleled expertise, resources and capacity will help take our collective businesses to new heights.”

Dan Bolgar, President and CEO of Sequoia Reinsurance Services added, “The Sequoia team is delighted to join forces with NSM.

“Not only is this validation of what the team has built over our short history, but we are joining a firm whose very foundation is delivery of product and consistent value to its risk partners.

“We know NSM can help us navigate marketplace change while we continue to enhance and innovate our product offerings.”

Rockport Benefits is co-led by managing directors Amy Argeros and Heidi Herlihy, industry veterans with extensive experience in the medical stop loss industry.

In a joint statement, the two noted, “We are truly energized about partnering with NSM to expand our presence in the marketplace.

“As a highly-respected and reliable managing general underwriter known for delivering unparalleled service and creative stop loss solutions, we believe the future is very bright with NSM.”

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