NSM Insurance Group Acquires Motor Insurance-Focused MGA
- October 24, 2018
NSM Insurance Group Acquires Xpekt Ltd.
CONSHOHOCKEN, PA -- NSM MGA Holdings Ltd has announced that it has reached an agreement to acquire Xpekt Ltd, the motor insurance-focused Managing General Agent. This agreement represents an important step in NSM's ambitions to build a niche motor underwriting business in the UK, serving a select panel of specialist and community brokers, differentiated by superior service and supported by A-rated underwriting capacity.
Geof McKernan, NSM's CEO commented, "We have identified that there is demand in the UK market for a service-led underwriting business focused on niche and specialist motor segments. Xpekt have established a solid reputation in the market, and this acquisition is a key step in our journey.
"We are also delighted to announce that Mark Bacon will be joining NSM in the role of Managing Director. Mark will assume this role with effect from 22nd October, subject to regulatory approval. Mark Bacon has previously held roles with ERS as Active Underwriter and Zurich as Global Head of Corporate Motor.
"Colin Hart will move to the role of Head of Underwriting for the Xpekt brand and will support Mark in bringing our strategy to life."