NSM Insurance Group has announced a strategic expansion through the acquisition of GIG Insurance Group and Gifford Wells Insurance, marking a significant move in the specialty insurance sector. With over $1.8 billion in premiums across more than 25 niche insurance programs, NSM’s latest acquisitions bolster its position in the directors and officers (D&O) liability, crime, and professional liability markets.

Acquisition Details and Strategic Intent

The acquisition of GIG Insurance Group, headquartered in Fort Lauderdale, Florida, represents a major development in NSM’s growth strategy. GIG, a leading managing general agent (MGA), excels in community association management liability and lawyers’ professional liability markets. Alongside GIG, NSM has also acquired Gifford Wells Insurance (GWI), an independent broker known for its expertise in professional liability insurance for various professions including lawyers, CPAs, doctors, architects, and engineers.

Bill McKernan, President of NSM Insurance Group, expressed enthusiasm about the acquisitions. He noted that Dave Villari and Eric Gifford have established GIG as a prominent player in the D&O and crime insurance markets, particularly for community associations. McKernan looks forward to working with Eric Gifford as the new president of GIG and GWI to leverage cross-selling opportunities within NSM’s existing portfolio.

Growth of GIG and GWI

Founded in 2006, GIG Insurance Group has distinguished itself with a technology-driven platform that facilitates quoting, binding, and issuing of policies for D&O and crime insurance. The growth in the number of community associations in the U.S. from 2000 to 2023 has spurred increased demand for these insurance products, driven by regulatory and litigation trends. Additionally, GIG Professional Programs, a division of GIG, was established in 2015 to offer professional liability and risk management services to lawyers in Florida.

Gifford Wells Insurance, established in 2003, provides professional liability insurance solutions tailored to lawyers, medical professionals, CPAs, and other specialists. Known for navigating the complexities of professional liability, GWI has built a strong reputation in the industry.

Expert Opinions on the Acquisition

Dave Villari, President of GIG Insurance Group, highlighted his respect for NSM’s leadership and expressed excitement about the merger. He believes that the collaboration with NSM will enhance GIG and GWI’s business prospects, leveraging NSM’s resources, capacity, and industry relationships to foster growth.

Eric Gifford, who will assume leadership of both GIG and GWI, echoed this sentiment. He praised NSM for its industry leadership and expressed eagerness to expand their combined expertise to achieve further growth.

NSM’s Strategic Growth

Over its 34-year history, NSM Insurance Group has built a robust portfolio of successful insurance programs, focusing on specialty and niche markets. The company’s strategic approach to acquisitions, including this latest move, complements its extensive range of specialty insurance programs. NSM’s investments in technology, data analytics, operations, marketing, HR, and finance underpin its position as a leader in the specialty insurance market.

NSM Insurance Group continues to innovate and expand, reinforcing its commitment to delivering targeted insurance solutions that meet the unique needs of its customers while driving market growth.

  Bill McKernan, Dave Villari, Eric Gifford, Fort Lauderdale, Gifford Wells Insurance, GIG Insurance Group, insurance acquisition, NSM Insurance Group