NSM Insurance Group, a global specialty insurance provider, has completed the previously announced sale of its US commercial insurance division to New Mountain Capital, a growth-oriented investment firm.
The definitive agreement for the sale was first announced in February 2025.
The transaction includes NSM’s diverse portfolio of 15 niche insurance programs across property & casualty, accident & health, and reinsurance, along with its retail agency, NSM Insurance Brokers.
As a result of the sale, the NSM business will evolve into two separate entities, and new brands for both the US commercial division and the company’s remaining direct-to-consumer insurance brands will be revealed shortly.
Following the transaction, NSM founder Geof McKernan and President Bill McKernan have joined the board of directors of the new entity backed by New Mountain Capital.
McKernan commented: “We are extremely pleased to complete the transaction with New Mountain and I’m confident they are the perfect partner to accelerate the growth of the business as they embark on this next chapter of the company’s evolution and deliver significant value to the team and its partners and customers.”
Furthermore, Aaron Miller, formerly NSM’s Chief Commercial Lines Officer, has been appointed Chief Executive Officer, effective immediately.
Robert Mulcare, Managing Director, and Sean Donovan, Director at New Mountain Capital, added: “We are excited about this milestone and look forward to collaborating with Aaron and the team to build the business into the leading independent commercial insurance MGA, recognized for its exceptional team, innovation and specialty solutions.”
