Specialty insurance provider NSM Insurance Group has announced its acquisition of international student health insurance manager ISO Student Health Insurance for an undisclosed sum.
ISO has specialized in accident and sickness insurance plans for international students and scholars studying abroad and traveling to the US since 1958. It offers affordable international insurance to over three million students in more than 200 countries. As part of its proposition, ISO has partnered with around 2,600 universities to enroll students in its products.
Stephanie Lin, chief executive of ISO, commented: “The ISO team is delighted to join forces with NSM and build on our legacy of delivering the best health insurance offerings for international students — pioneered and managed by current and former international students.”
NSM’s swoop for ISO marks its fourth acquisition in the travel insurance sector within the past nine months. Last October, NSM snapped up Envisage International, which provides global health and travel insurance to international students and cultural exchange participants.
Earlier this year, NSM signed a definitive agreement to purchase travel insurance brands AllClear Travel Insurance and InsureandGo.
“We are thrilled to welcome ISO to our growing family of travel insurance brands,” NSM president Bill McKernan said. “ISO is the market leader in student travel insurance and has established an amazing direct-to-consumer distribution strategy.
“Jacob and his team have built a tremendous business and operating model, and we look forward to supporting their continued growth by leveraging our cutting-edge resources and technology and global distribution channels. The future is certainly bright for ISO and NSM.”
McKernan was referring to ISO chair Jacob Harel, whose camp is “energized” to become part of the NSM portfolio.
“For over 60 years, we have remained laser-focused on serving a target demographic no other provider can match and building a highly reputable brand based on deep industry relationships, a range of product offerings, and fast and reliable customer service,” Harel highlighted.
“I am confident NSM has the capacity and resources to enable ISO’s continued growth through product development and geographic expansion.”
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