BOSTON, March 16, 2015 (GLOBE NEWSWIRE) -- ABRY Partners has announced today that it has entered into an agreement to sell its equity interest in NSM Insurance Group to a subsidiary of American International Group. ABRY has been invested in NSM, a national leader in the development, marketing, and underwriting of industry-specific insurance programs, as well as an industry leader in the Wholesale Brokerage arena, since January of 2012.
"ABRY has been a great partner," said Geof McKernan, President and CEO of NSM. "Their support has helped make NSM a better organization and we have enjoyed working with them over the past three years."
"It has been our pleasure to work with Geof and the world-class team at NSM," said Brent Stone, a partner at ABRY Partners. "We have been pleased with NSM's performance during our ownership and see a long future of continued growth for the company."
WilmerHale acted as legal advisor to NSM in the transaction.
About NSM Insurance Group
For more than 25 years, NSM Insurance Group has been an industry leader in the development, implementation, marketing and underwriting of industry-specific insurance programs and has grown to over $500,000,000 in annual premium.
NSM Insurance Group's unique model of blending innovative marketing, profitable underwriting discipline, and state of the art back-room processes, creates a corporate culture of profitability and growth. The Company's insurance programs include social services and behavioral health; CAT driven property; collector cars; workers compensation; aviation; sports and fitness; microbreweries; and professional liability for lawyers, dentists, architects and engineers.
About Abry Partners
Founded in 1989, ABRY Partners is one of the most experienced and successful media, communications, business and information services focused private equity investment firms in North America. Since its founding, ABRY has completed over $42 billion of transactions, representing investments in over 450 properties. The firm is currently managing over $3.5 billion of total capital and investing out of a $1.9 billion private equity fund, $950 million senior equity fund and a $1.5 billion senior debt fund.