AIG acquires controlling stake in insurance group

American International Group Inc. has agreed to acquire a controlling stake in NSM Insurance Group, AIG announced Monday.

That's the second major acquisition announced in the past few weeks by AIG, which was forced to divest itself of some high-profile operations, such as Hartford Steam Boiler Inspection and Insurance Co. after accepting more than $180 billion in federal financial assistance during the economic crisis of 2008. Earlier this year, AIG announced that it had agreed to acquire Laya Healthcare Ltd., Ireland's second largest health insurer.

NSM insurance group has premium volume of more than $400 million, according to its website.

NSM, based in Conshohocken, Pennsylvania, is a managing general agent and insurance program administrator. In its announcement, AIG said that 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. Terms of the transaction were not disclosed.

“AIG's stake in NSM furthers its strategic goal of diversifying its product offerings and provides its customers greater access to unique insurance programs,” said AIG in the statement.

The deal is expected to close within the next 30 days.