(Bloomberg) -- American International Group Inc., the largest commercial insurer in the U.S. and Canada, bought a controlling interest in NSM Insurance Group as it seeks to expand niche offerings.
NSM collects more than $500 million in annual premiums from industries including aviation, sports and fitness, microbreweries and professional liability for lawyers, dentists, architects and engineers, Conshohocken, Pennsylvania-based NSM said Monday in a statement. AIG’s investment will help the specialty company accelerate acquisitions, NSM said.
Terms weren’t disclosed and the transaction is expected to be completed within 30 days, New York-based-based AIG said in a separate statement. The insurer purchased the stake from NSM management and ABRY Partners, a Boston-based private-equity firm. NSM has managed some of AIG’s programs for more than 15 years, according to the statement.
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