American International Group (AIG) has completed the purchase of a controlling stake in NSM Insurance Group from ABRY Partners and NSM management, for an undisclosed sum.
The deal was first announced last month. NSM Insurance is one of the leading managing general agent and insurance program administrators based in Conshohocken of Pennsylvania, US.
The deal is expected to to expand AIG’s niche offerings and to diversify its line of products to customers.
AIG Americas president and senior vice-president Robert Schimek said: "We are pleased to have completed this important addition to AIG and expansion of our already strong program insurance business.
"We look forward to working with the NSM management team to grow this business and bring more innovative solutions to our customers and to the market."
The stake in NSM was acquired by ABRY Partners, a Boston-based private-equity firm, in January 2012. NSM has been providing various insurance programs for AIG since 15 years, and continue to provide services, in addition to managing third party programs.
In January 2015, AIG agreed to acquire Laya Healthcare, Ireland’s second-largest health-insurance provider.
Image: AIG headquarters on 175 Water Street New York City. Photo: courtesy of AIG.