US-based speciality insurance provider NSM Insurance Group has acquired three subsidiaries of ELMC Risk Solutions from private investment firm JC Flowers.
Financial terms of the transaction were not disclosed.
The acquired entities include Minnesota-based Sequoia Reinsurance Services and IOA Re’s two divisions, Rockport Benefits, which is based in Massachusetts and Pennsylvania-based Insurance Resources and Auditing Services (IRAS).
NSM hopes to enhance its speciality insurance programmes and brands for the commercial P&C sector and consumer insurance through the acquisition.
The acquired companies provide insurance solutions to clients and broker partners in the areas of medical stop-loss insurance and managed care insurance.
NSM Insurance Group president Bill McKernan said: “We are entrepreneurs at heart and we seize compelling opportunities to partner with high-performing companies with a proven track record of profitability.
“We are excited about the synergies we have with the individual teams and the significant growth potential for each business. “
JC Flowers managing director and co-president Eric Rahe said: “JC 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.”
NSM claims to have over $1.5bn in premiums across more than 25 niche insurance programmes in the US and UK.
Its portfolio covers collector cars, pets, addiction treatment, sports and fitness architects and engineers, habitational, staffing, and workers’ compensation among other lines of business.