NSM Insurance Group, a specialty insurance provider with more than $1.5 billion in premium across more than 25 niche insurance programs in the U.S. and UK, completed its acquisition of Sequoia Reinsurance Services, IOA Re and its divisions Rockport Benefits and Insurance Resources and Auditing Services, subsidiaries of ELMC Risk Solutions (ELMC), a portfolio company of J.C. Flowers & Co. J.C. Flowers is a private investment firm dedicated to investing globally in the financial services industry.
“We’re entrepreneurs at heart and we seize compelling opportunities to partner with high-performing companies with a proven track record of profitability,” Bill McKernan, president of NSM Insurance Group, said. “We’re excited about the synergies we have with the individual teams and the significant growth potential for each business. Our team is committed, motivated and laser focused on driving the continued growth and innovation of these three businesses.”
“J.C. 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,” Eric Rahe, managing director and co-president of J.C. Flowers, said. “This is a positive outcome, and we believe these companies will continue to thrive as part of NSM.”
“Sequoia Re, IOA Re and Rockport are remarkable MGUs with terrific management teams,” Richard Fleder, CEO of ELMC, said. “We are very happy to have found a great home for them!”
The acquired businesses are industry leaders in the field of medical stop loss insurance and managed care insurance — delivering robust and innovative insurance solutions to their clients and broking partners.
“We’re thrilled to join the NSM family of best-in-class insurance offerings that truly lead the way in delivering comprehensive products to our distribution partners,” John Parker, president and CEO of IOA Re, said. “NSM is well respected throughout the industry for building successful businesses and their unparalleled expertise, resources and capacity will help take our collective businesses to new heights.”
“The Sequoia team is delighted to join forces with NSM,” Dan Bolgar, president and CEO of Sequoia Reinsurance Services, said. “Not only is this validation of what the team has built over our short history, but we are joining a firm whose very foundation is delivery of product and consistent value to its risk partners. We know NSM can help us navigate marketplace change while we continue to enhance and innovate our product offerings.”
