NSM Insurance Group has completed the acquisition of Envisage International, a specialist in international health and travel insurance for international students.
The latest transaction, according to NSM Insurance, complements its existing portfolio of specialty insurance programmes.
The insurer also expects the acquisition to bolster its commercial property and casualty (P&C) insurance brands as well as consumer insurance business.
NSM Insurance Group president Bill McKernan said: “The travel insurance market is booming and will continue to grow at a rapid pace – with industry predicted to reach $41bn by 2027.
“We plan to seize this market opportunity and become a dominant player in the space.
“Envisage is a market leader in international education and cultural exchange insurance with a talented team, strong customer base, established revenue relationships and cutting-edge technology infrastructure. They are an enterprising addition to our portfolio as we look to build our footprint in international health and travel insurance space.”
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Based in Neptune Beach, Florida, Envisage International offers an array of global health and travel medical insurance products for international students.
The company offers these products through its International Student Insurance (ISI) and Envisage Global Insurance (EGI) brands.
ISI focuses on providing A+ rated plans and associated resources for colleges, universities, study abroad programmes, English as a Second Language programmes students, teachers and scholars.
EGI also offers group insurance plans to organisations related to the global youth travel market and J1 cultural exchange.
Envisage International president Keith Clausen said: “Over the last two decades, our dedicated and talented team has helped us grow into the force we are today, and we look forward to extending that growth with NSM.
“NSM has the prowess and proven track record to help ISI and EGI grow by expanding our distribution channels, further enhancing our technology platforms and expanding our global market reach.”
In March this year, NSM Insurance Group announced the acquisition of specialist insurance provider Acquis.