NSM Insurance Group to Acquire Kingsbridge Group
CONSHOHOCKEN, PA (March 23, 2020) – NSM Insurance Group, the nation’s leading specialty insurance provider, has entered into a definitive agreement to acquire Kingsbridge Group Limited. Based in the United Kingdom, Kingsbridge is the leading provider of commercial lines insurance and consulting services to the UK’s high growth contingent workforce.
Geof McKernan, Chief Executive Officer of NSM, stated, “We are excited to expand further in the UK with the acquisition of Kingsbridge, which fits nicely into NSM’s portfolio of niche-focused insurance businesses. We look forward to working with James and his team and to providing them with support and resources to continue to grow the business.”
James Twining, Group Chief Executive Officer of Kingsbridge, said “We look forward to joining Geof and the NSM family. Our cultures align seamlessly. Together, we will offer a compelling value proposition to our clients and carrier partners while delivering comprehensive insurance coverage for contractors, freelancers and the recruitment industry.”
The current Kingsbridge management team will continue to manage the day-to-day operations of the business post-closing. NSM will support Kingsbridge’s growth strategy, and the combination will help accelerate growth across both companies.
The transaction is expected to close by the end of the second quarter of 2020. The closing is subject to regulatory approvals and other customary closing conditions. The closing is not subject to a financing condition.
About Kingsbridge Group Limited
The Kingsbridge Group has grown to become the UK’s leading provider of specialist insurance and IR35 services to the UK’s rapidly growing contingent workforce of contractors, freelancers and gig workers, through its Kingsbridge Contractor Insurance, Larsen Howie and Dinghy brands. It is also one of the leading providers of specialist broking services to large corporates in the utility, recruitment and other industries through Kingsbridge Insurance Brokers. Kingsbridge today now services over 55,000 customers.
The Kingsbridge Group, which employs over 100 people, is headquartered in Tewkesbury, Gloucestershire, and has offices in London, Liverpool, Guernsey and Leicester (Larsen Howie). Prior to NSM’s acquisition, the Group was privately owned by management and Dunedin LLP, one of the UK’s leading private equity houses.
Kingsbridge was named as the 2018 Independent Broker of the Year by Insurance Times and in March 2020 as one of the UK’s top five insurance employers by the Insurance Post. Dinghy was named as the UK’s most disruptive insurance company by Disruption 50. For more information, please visit www.kingsbridgegroup.com.
About NSM Insurance Group
NSM Insurance Group is the nation’s leading specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims management. The company has built more than $1 billion in premium across 20 specialty insurance programs and brands in the US and UK focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; transportation and towing; sports and fitness; professional liability for contractors, architects and engineers; habitational and E&S; staffing; and workers’ compensation. For more information on NSM, visit www.nsminc.com.