AIG Completes Acquisition of NSM Insurance Group
April 02 2015 - 8:05AM
Business Wire
American International Group, Inc. (NYSE:AIG) today announced
that it has completed its acquisition of a controlling stake in NSM
Insurance Group, a leading U.S. managing general agent and
insurance program administrator, from ABRY Partners and NSM
management. AIG’s agreement to acquire the NSM stake was announced
in March.
Based in Conshohocken, Pennsylvania, NSM Insurance Group is a
recognized leader in insurance programs administration, well known
for its unique development and implementation of programs for a
broad range of niche customer segments. NSM has been managing
certain insurance programs for AIG for more than 15 years and will
continue to do so, while continuing to manage third party programs.
AIG’s investment was executed through a non-operating holding
company, NSM Investments, Inc.
AIG’s stake in NSM furthers its strategic goal of diversifying
its product offerings and provides its customers with greater
access to unique insurance programs.
“We are pleased to have completed this important addition to AIG
and expansion of our already strong program insurance business,”
said Robert Schimek, AIG Senior Vice President and CEO of the
Americas. “We look forward to working with the NSM management team
to grow this business and bring more innovative solutions to our
customers and to the market.”
American International Group, Inc. (AIG) is a leading global
insurance organization serving customers in more than 100 countries
and jurisdictions. AIG companies serve commercial, institutional,
and individual customers through one of the most extensive
worldwide property-casualty networks of any insurer. In addition,
AIG companies are leading providers of life insurance and
retirement services in the United States. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock
Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
American International Group, Inc.MediaMatt Gallagher,
212-458-3247matthew.gallagher2@aig.comorMediaJon Diat,
212-770-3505jon.diat@aig.comorInvestorsLiz Werner,
212-770-7074elizabeth.werner@aig.com
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