AIG buys stake in US MGA
American International Group (AIG) is set to acquire a controlling stake in NSM Insurance Group, through a non-operating holding company, NSM Investments.
AIG has acquired the stake in the US managing general agent (MGA) and insurance programme administrator from ABRY Partners and NSM management.
NSM has been managing certain insurance programmes for AIG for more than 15 years and will continue to do so, while continuing to manage third party programmes.
AIG said that this acquisition furthers its strategic goal of diversifying its product offerings and provides its customers greater access to unique insurance programs.
Robert Schimek, AIG senior vice president and chief executive officer (CEO) of the Americas, said: “NSM’s track record, highly innovative approach to program structuring, and strong reputation enhances AIG’s ability to deliver the comprehensive products and services customers need to successfully manage risk. We look forward to working with the exceptional management team at NSM to further grow this important business.”
Geof McKernan, CEO of NSM Insurance Group, added: “We are pleased to partner with AIG. AIG brings to NSM strong financial backing and A+ rated paper which will power our acquisitions and internal growth plans. Ultimately, AIG’s investment enables us to continue to be an entrepreneurial organisation and to seek new opportunities and programmes.”
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