NSM Insurance announced it has entered into a definitive agreement to acquire Kingsbridge Group.
Kingsbridge currently offers commercial lines insurance and consulting services to high growth contingent workforce. It also provides services to contractors, freelancers and the recruitment and utilities industries.
NSM provides industry-specific insurance programmes across the UK including Classic Insurance, Vantage Insurance Programs, Maybury James, First Underwriting Limited and Fresh.
After the deal is closed, the Kingsbridge management team will continue to run the everyday operations of the business, while NSM will support its growth strategy.
The acquisition is now “expected to accelerate growth” for both groups.
Kingsbridge Group CEO, James 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.”
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.”
The transaction is expected to close by the end of the second quarter of 2020.