American broker NSM Insurance Group is expanding its presence in the UK with the acquisition of Vantage Holdings and its brokerage businesses.
Vantage Holdings owns London-based leisure and liability broker Vantage Insurance Services and car specialist Classic Insurance Services. The businesses will be added to NSM’s portfolio.
The US broker purchased Vantage Holdings for an undisclosed sum. Geof McKernan, NSM Insurance Group CEO, said that they were attracted to the UK firm because of its aggressiveness, efficiency and reputation over the past decade.
"A key aspect of our growth plans for this year was to find an opportunity to expand our business at the international level,” McKernan said.
“Like us, Vantage is laser-focused on products for niche industries where they can achieve profitable, sustainable and renewable growth,” he added. “Their shared approach to the insurance marketplace coupled with their ambitious, fast paced culture made Vantage a natural for us.”
The deal is NSM Insurance Group’s first international acquisition, which will serve as its expansion platform in the UK market.
“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,” McKernan explained.
He continued: “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.”
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