NSM Insurance Group has acquired Vantage Holdings, a collector car and outdoor leisure program administrator in the UK, subject to FCA approval.
This marks NSM Insurance Group’s first international acquisition, and will serve as a platform for expanding NSM’s presence in UK markets.
Vantage Holdings, which includes Vantage Insurance Services and Classic Insurance Services, is an industry-specific insurance program administrator that was established in 2004.
The Classic Insurance Services program, which specializes in insuring classic cars, classic motor trade and high net worth collections, is the fourth collector car insurance program to be added to NSM’s portfolio.
Additionally, Vantage Insurance Services is one of the largest insurers of outdoor leisure and tour operator liability in the UK.
NSM Insurance Group CEO Geof McKernan said: “We are excited to welcome Vantage Holdings to the NSM family.
“A key aspect of our growth plans for this year was to find an opportunity to expand our business at the international level. We were attracted to Vantage because they have been aggressive and efficient in building their business over the past decade and have a reputation as a leading program administrator.
“Like us, Vantage is laser-focused on products for niche industries where they can achieve profitable, sustainable and renewable growth. Their shared approach to the insurance marketplace coupled with their ambitious, fast paced culture made Vantage a natural for us.”
Vantage CEO John Collyear said: “We are absolutely delighted to be partnering with a business like NSM.
“They, like us, are a highly specialized program administrator with substantial underwriting authority entrusted to them by their carriers. We are excited about the opportunities that lie ahead as we embark on a growth strategy and the beginning of our next chapter of development with NSM.”
McKernan explained: “NSM likes to do business with the UK because the insurance market is relationship driven and insurers continue to be innovative in their product design and in their overall view on insuring a very wide array of exposures.
“This acquisition provides us with a platform for entering the marketplace in the UK and competing on the international level. We will continue to enhance and grow Vantage’s current books of business in the collector car, outdoor leisure and tourism spaces, and explore opportunities to expand into new industries.”