NBS Underwriting has acquired Lloyd’s coverholder Capital Markets Underwriting (CMU) as part of the managing general agent’s target to double in size within the next five years.
“This acquisition allows us to expand into the commercial combined arena and provide an even wider range of products to brokers,” NBS managing director Steve Cowman said in a release.
“The transaction strengthens the position of both NBS and CMU in the broker market, delivering significant synergies and granting our brokers a competitive advantage with multiple product offerings. We look forward to welcoming CMU to the NBS family.”
Chief executive Stan Kaznowski added that acquisitions like this one “play a key role” in achieving their goals at NBS.
“The purchase of CMU presents an excellent opportunity to complement NBS’ existing expertise in the UK and Irish markets, further building on our success,” the CEO said.
Under the deal, financial terms of which were not disclosed, the snapped up independent underwriting agency will continue to operate from its Hertfordshire headquarters.
CMU director Tim Mahon had this to say: “The opportunities that have opened for CMU by becoming part of the NBS group are vast, and we look forward to growing our business alongside our new colleagues.
“As service, product range, and technology become even more important for brokers, CMU can leverage the capabilities that NBS already has in place. Our expert team of underwriters will continue to apply their expertise to commercial combined as they have always done, now with the strength and backing of NBS.”
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