International speciality insurance coverage supplier NSM Insurance coverage Group has acquired Strategic Underwriters Worldwide (SUI), constructing its place within the casualty facultative reinsurance area.
Monetary phrases of the deal stay undisclosed.
A managing common agent (MGA) based mostly in Doylestown, Pennsylvania, SUI supplies facultative casualty reinsurance throughout numerous strains, together with vehicle legal responsibility, common legal responsibility, extra/umbrella legal responsibility, and employees’ compensation.
NSM Insurance coverage Group president Invoice McKernan mentioned: “SUI is a dynamic firm with distinctive underwriting and a confirmed observe document of persistently producing excellent profitability for his or her key reinsurance companions. SUI is main the best way in facultative reinsurance, which is usually an underserved class of the business.”
This acquisition is claimed to be a strategic step for NSM Insurance coverage Group, which manages over $1.8bn in premiums throughout greater than 25 speciality insurance coverage programmes.
Strategic Underwriters Worldwide president Invoice Reichert mentioned: “At the moment is an thrilling milestone as we be part of the NSM household of speciality insurance coverage manufacturers.
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“We have now established SUI as a famend chief within the reinsurance enterprise based mostly on our strong relationships and robust underwriting outcomes. NSM has the cutting-edge assets and capability to assist our enterprise develop by enhancing our providing to the insurance coverage market, together with a give attention to key product growth, expertise methods and AI initiatives.”
In the meantime, final month, NSM Insurance coverage introduced the acquisition of UK-based InsurEVO, a specialist private strains journey MGA with greater than 3 million prospects.
InsurEVO operates two journey insurance coverage manufacturers, AllClear Journey insurance coverage and InsureandGo, within the UK.
