CONSHOHOCKEN, PA — NSM Insurance Group has finalized the sale of its U.S. commercial insurance division to New Mountain Capital, a private equity firm managing over $55 billion in assets. The transaction marks a pivotal shift for NSM, as it divides its operations into two distinct entities.
The sale includes a portfolio of 15 niche insurance programs spanning Property & Casualty, Accident & Health, and Reinsurance, along with the retail agency NSM Insurance Brokers. With the separation, NSM plans to rebrand both its U.S. commercial division and its remaining direct-to-consumer lines in the near future.
Following the acquisition, Aaron Miller, previously Chief Commercial Lines Officer at NSM, has been appointed Chief Executive Officer of the newly established independent entity. Additionally, NSM Founder Geof McKernan and Bill McKernan have joined the board of directors for the New Mountain-backed company.
Geof McKernan praised the partnership, stating, “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.”
New Mountain Capital representatives shared their enthusiasm for the collaboration. Managing Director Robert Mulcare and Director Sean Donovan noted their commitment to working with the team under Miller’s leadership to develop the new entity into a prominent player in the commercial insurance market.
This strategic move positions the new entity for growth in the competitive insurance management space, enabling it to leverage New Mountain Capital’s financial and operational expertise. NSM, now focusing on its other insurance offerings, is similarly poised to pursue innovative opportunities in its remaining markets.
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