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Correction: An earlier version of this story mischaracterized one of the companies bought in the transaction. Sequoia Reinsurance Services LLC is a managing general underwriter, not a captive manager, as was originally stated.
Managing general agent NSM Insurance Group said Monday it has bought three managing general underwriters from ELMC Risk Solutions LLC, a portfolio company of private equity firm J.C. Flowers & Co.
Terms of the deal were not disclosed.
Conshohocken, Pennsylvania-based NSM Insurance acquired from New York-based ELMC: Sequoia Reinsurance Services LLC, a Minneapolis-based MGU specializing in medical stop loss, managed care and captive reinsurance; and IOA Re LLC, a Norriton, Pennsylvania-based medical stop loss, managed care and workers compensation MGU, and its divisions Rockport Benefits LLC, an MGU specializing in medical stop loss, and Insurance Resources and Auditing Services LLC, an auditing and run-off services provider.
NSM Insurance was founded in 1990 and last year was bought by private equity firm Carlyle Group Inc.