Global specialty insurance provider NSM Insurance Group has announced the acquisition of Florida-based Envisage International.
Envisage International, headquartered in Neptune Beach, Fla., provides global health and travel insurance plans for cultural exchange participants and international students.
“The travel insurance market is booming and will continue to grow at a rapid pace – with the industry predicted to reach $41 billion by 2027,” said Bill McKernan, president of NSM Insurance Group. “Envisage is a market leader in international education and cultural exchange insurance, with a talented team, strong customer base, established revenue relationships and cutting-edge technology infrastructure. They are an enterprising addition to our portfolio as we look to build our footprint in the international health and travel insurance space.”
Envisage has two brands – International Student Insurance (ISI) and Envisage Global Insurance (ESI) – which provide an array of international health and travel medical insurance products, NSM said. ISI focuses on colleges, universities, ESL programs, study-abroad programs, students, scholars and teachers. EGI provides group insurance plans to organizations in the JI cultural exchange and global youth travel market.
“We’re absolutely thrilled to join forces with NSM to help us continue to grow and scale the business,” said Keith Clausen, president of Envisage International. “Over the last two decades, our dedicated and talented team has helped us grow into the force we are today, and we look forward to extending that growth with NSM. NSM has the prowess and proven track record to help ISI and EGI grow by expanding our distribution channels, further enhancing our technology platforms and expanding our global market reach.”
Last year, NSM was acquired by private equity firm Carlyle Group. NSM was recently included among IBA’s 5-Star Program Administrators and Carriers for 2023.
Have something to say about this story? Let us know in the comments below.
