White Mountains Insurance Group-subsidiary NSM Insurance has entered into a definitive agreement to acquire Kingsbridge Group.
The financial details of the acquisition have not been disclosed.
UK-based Kingsbridge offers commercial lines insurance and consulting services to high growth contingent workforce.
It also provides insurance services to contractors, freelancers and the recruitment and utilities industries, among others.
In 2008, the company acquired insurtech company Dinghy. It also ownsLarsen Howie that specialises in insurance and IR35 and tax related products and services.
Post-closing of the deal, the current Kingsbridge management team will continue to run the everyday operations of the business, while NSM will provide support for its growth strategy.
KingsbridgeGroup CEOJames Twining said: “We look forward to joining Geof and the NSM family. Our cultures align seamlessly. Together, we will offer a compelling value proposition to our clients and carrier partners while delivering comprehensive insurance coverage for contractors, freelancers, and the recruitment industry.”
The acquisition of Kingsbridge is expected to accelerate growth for both the companies.
Commenting on the latest development, NSM CEO Geof McKernan said: “We are excited to expand further in the UK with the acquisition of Kingsbridge, which fits nicely into NSM’s portfolio of niche-focused insurance businesses.
“We look forward to working with James and his team and to providing them with support and resources to continue to grow the business.”
NSM has major industry-specific insurance programmes in the UK including Classic Insurance, Vantage Insurance Programs, Maybury James, First Underwriting Limited and Fresh.
Specialty transportation, condominium, pet insurance, sports and fitness, social services and behavioral health are some of the company’s insurance programmes in the US.
Subject to regulatory approval and other closing conditions, the transaction is expected to close by the end of the second quarter of 2020.