Login Register Subscribe
Current Issue


BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

AIG sells majority stake in managing general agent


American International Group Inc. has agreed to sell a controlling stake in NSM Insurance Group to private equity investment firm, ABRY Partners.


Terms were not disclosed.

Conshohocken, Pennsylvania-based NSM Insurance Group is a managing general agent and insurance program administrator. AIG acquired its stake in NSM from ABRY in March 2015, AIG said in a statement Friday.

The companies will form a joint venture that will use AIG's relationship with NSM and ABRY's investment experience to expand the NSM platform. AIG will have a minority interest in the venture and will continue to provide underwriting capacity to NSM, according to the statement.

“Our investment in NSM last year helped us meet a number of key strategic and economic objectives that expanded AIG's access to new attractive customer segments,” Robert Schimek, CEO of AIG Commercial Insurance said in a statement. “This transaction now shifts our relationship into a joint venture that will further accelerate NSM's growth with ABRY's funding, while continuing to provide AIG with opportunities to underwrite new programs that offer unique solutions to our clients.”