NSM Insurance Group Acquires GIG Insurance Group and Gifford Wells Insurance

NSM acquires two leaders in the liability insurance space

CONSHOHOCKEN, Pa., Aug. 2, 2024 /PRNewswire/ -- NSM Insurance Group, a global specialty insurance provider with more than $1.8B in premium across 25+ niche insurance programs, today announced it has acquired GIG Insurance Group (GIG). Based in Fort Lauderdale, FL, GIG is one of the leading MGAs in the community association management liability and lawyers' professional liability markets. As part of the transaction, NSM also acquired Gifford Wells Insurance (GWI) — an independent insurance broker specializing in professional liability insurance primarily for lawyers, CPAs, doctors and architects and engineers.

NSM acquires two leaders in the liability insurance space

"We are thrilled to announce our latest strategic acquisitions in the D&O, crime and professional liability space," said Bill McKernan, President of NSM Insurance Group. "Dave Villari and Eric Gifford have built a tremendous business positioning GIG as the clear leader in the D&O and crime insurance market for community associations. Additionally, they have built a premier agency in GWI with a stellar reputation for delivering unmatched expertise to their clients. We look forward to partnering with Eric as the next president of GIG and GWI to grow these businesses, especially through cross-sell opportunities with NSM's existing niche insurance programs."

Established in 2006, GIG offers director and officers (D&O) liability insurance and crime insurance coverages through a cutting-edge technology platform, which allows agents and brokers to quote, bind and issue policies. The number of community associations in the U.S. has experienced significant growth from 2000 to 2023 — leading to increased demand for D&O and crime insurance for community association board members driven by regulatory requirements, litigation trends and growing awareness of the associated risks. In 2015, GIG Professional Programs (a dba of GIG Insurance Group) was established to deliver professional liability and risk management services to lawyers in Florida.

Established in 2003, GWI provides professional liability insurance solutions for professionals to help them navigate the complex nature of protecting and insuring their practices. The agency's niche specialties include lawyers' professional liability, medical malpractice, CPA professional liability and other miscellaneous professional liability.

"I have the utmost respect for Bill McKernan and the NSM leadership team and we are truly excited to join forces to take our business to the next level of success," said Dave Villari, President of GIG Insurance Group. "Over the past 18+ years, we have established GIG and GWI as go-to solutions in the liability marketplace based on our competitive coverages and ease of agents doing business with us. NSM has the resources, capacity and industry relationships to open new doors to grow our business."

Eric Gifford, who will be assuming the role of President of GIG Insurance Group and Gifford Wells Insurance as part of the transaction added, "For the past two decades, our mission has been simple — to deliver unparalleled liability insurance solutions and top-notch service to our valued agents partners and clients. NSM is well respected in the industry as the leader in specialty, niche insurance on both the program and retail side — and we're truly excited to combine our expertise to grow our business and expand our footprint."

Over the past 34 years, NSM has developed a winning formula for building the industry's most successful and sustainable insurance programs, consistently outperforming competitors and driving industry-leading growth and profitability. This latest acquisition complements NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, data and analytics, operations, marketing, HR and finance.

For more information about NSM or for investment opportunities, please visit nsminc.com.

About NSM Insurance Group

NSM Insurance Group is a global specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.8 billion in premium across 25+ specialty insurance programs and brands around the world focused on collector cars; student health and travel; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; commercial and residential contractors; medical stop-loss and managed care; staffing; and workers' compensation. For more information on NSM, visit nsminc.com.

About GIG Insurance Group

GIG Insurance Group was formed to meet the needs of independent agents and brokers in placing Community Association Business. GIG provides quality service to its agents and brokers by working with high quality insurance carriers and investing in people, technology and business relationships. GIG strives to provide agents with the highest quality D&O insurance products and service. For more information on GIG, visit gigins.com.

Media Contact:

Leanne Scott Brown

Head of Marketing & Corporate Communications

NSM Insurance Group

lscottbrown@nsminc.com

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SOURCE NSM Insurance Group

First published on Fri, Aug 2, 2024

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NSM Insurance Group GIG Insurance Group Gifford Wells Insurance Liability Insurance Community Association Management Liability Lawyers' Professional Liability D&O Insurance Crime Insurance Professional Liability Acquisition

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