Pennsylvania-based insurance program specialist NSM Insurance Group has completed its acquisition of three businesses that specialize in the field of medical stop loss insurance and managed care insurance.
The firms are Sequoia Reinsurance Services in Minnesota, and IOA Re’s two divisions, Rockport Benefits in Massachusetts and Insurance Resources and Auditing Services (IRAS) in Pennsylvania. Rockport and IRAS are subsidiaries of ELMC Risk Solutions in New York, a portfolio company of private investment firm J.C. Flowers & Co.
Bill McKernan, president of NSM, called the firms “high-performing companies with a proven track record of profitability.”
Richard Fleder is CEO of ELMC; John Parker is president and CEO of IOA Re; and Dan Bolgar is president and CEO of Sequoia Reinsurance Services. Rockport Benefits is co-led by managing directors Amy Argeros and Heidi Herlihy.
White Mountains Insurance Group acquired NSM last August for $1.78 billion from investment funds affiliated with global investment firm Carlyle.
NSM has more than $1.5 billion in premium across more than 25 specialty insurance programs and brands in the U.S. and U.K. Its programs focus on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; staffing; and workers’ compensation.
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