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NSM to buy Kingsbridge
Posted on Tuesday, 24 March 2020 10:04
NSM Insurance Group has agreed to purchase UK-based insurance firm Kingsbridge Group.
No financial details were disclosed.
The transaction is scheduled to complete by the end of the second quarter of 2020, subject to regulatory approvals and customary conditions.
Following closing, the target’s current management team will continue to manage the day-to-day operations of the business.
Headquartered in Tewkesbury, Kingsbridge provides insurance, consulting and financial services to the contractor and freelancer markets.
It operates four offices across the UK and serves 55,000 customers.
Kingsbridge’s brands include Larsen Howie, an online provider of insurance and IR35 consultancy products, as well as Dinghy, which delivers on-demand cover to freelancers and the gig economy.
Established in 2001, the group also offers specialist broking services to large corporations in the utility and recruitment industries, among others.
Through the deal, NSM will support Kingsbridge’s growth strategy and add the company to its portfolio of niche-focused insurance businesses.
James Twining, chief executive of the target, said: “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.”
Based in Pennsylvania, NSM develops, implements and underwrites industry-specific insurance for customers in the US.
It offers 19 programmes, including higher education, collector cars and professional liability cover for architects and engineers, among others.
NSM serves more than 30,000 commercial customers and has a client retention rate of 90.0 per cent, according to its website.
According to Zephyr, the M&A database published by Bureau van Dijk, there were 529 deals targeting insurance agencies and brokerages announced worldwide in 2019.
In the most valuable of these, Phocas Financial bought a minority stake in US-based Primerica for USD 874.54 million.
This was followed by Goldman Sachs, via acquisition vehicle Hammersmith Bidco, buying Aston Lark (Topco) for GBP 320.00 million.
© Zephus Ltd