Global speciality insurance provider NSM Insurance Group has acquired Strategic Underwriters International (SUI), building its position in the casualty facultative reinsurance domain.
Financial terms of the deal remain undisclosed.
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A managing general agent (MGA) based in Doylestown, Pennsylvania, SUI provides facultative casualty reinsurance across various lines, including automobile liability, general liability, excess/umbrella liability, and workers’ compensation.
NSM Insurance Group president Bill McKernan said: “SUI is a dynamic company with exceptional underwriting and a proven track record of consistently producing outstanding profitability for their key reinsurance partners. SUI is leading the way in facultative reinsurance, which is often an underserved category of the industry.”
This acquisition is said to be a strategic step for NSM Insurance Group, which manages over $1.8bn in premiums across more than 25 speciality insurance programmes.
Strategic Underwriters International president Bill Reichert said: “Today is an exciting milestone as we join the NSM family of speciality insurance brands.
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By GlobalData“We have established SUI as a renowned leader in the reinsurance business based on our robust relationships and strong underwriting results. NSM has the cutting-edge resources and capacity to help our business grow by enhancing our offering to the insurance marketplace, including a focus on key product development, technology systems and AI initiatives.”
Meanwhile, last month, NSM Insurance announced the acquisition of UK-based InsurEVO, a specialist personal lines travel MGA with more than 3 million customers.
InsurEVO operates two travel insurance brands, AllClear Travel insurance and InsureandGo, in the UK.
