Private Equity Firm Becomes Majority Owner of NSM Insurance Group

American International Group, or AIG, has agreed to contribute its controlling equity ownership of NSM Insurance Group into a joint venture that will now be majority owned by ABRY Partners. In an announcement last week, NSM Chief Executive Officer Geof McKernan said the deal would help the company pursue growth opportunities. In the last 10 years, NSM Insurance Group has completed more than 16 acquisitions and launched eight new insurance programs. NSM Insurance Group, based in Conshohocken, Pennsylvania, develops and underwrites industry-specific insurance programs for niche markets. It...