NSM Insurance Group

In 1990, Geof McKernan founded NSM Insurance Group with a clear strategy: to build a leading specialty insurance provider. Joined by Bill McKernan, they didn't set out to be another giant, all-things-to-all-people insurer. Instead, they focused on creating and managing specialized insurance programs for niche markets often overlooked by larger carriers. This playbook involved deep expertise in specific sectors like classic cars, social services, and tow trucks, allowing them to underwrite, market, and handle claims for these unique risk profiles. For over three decades, NSM quietly and effectively executed this strategy, building a portfolio of over 25 distinct insurance programs and partnering with a vast network of agents. The model proved highly successful and profitable, attracting the attention of the investment world. The company's first major inflection point came when it was part of White Mountains Insurance Group. A pivotal chapter began in 2022 when private equity firm The Carlyle Group acquired NSM for a striking $1.78 billion. This acquisition validated the power of NSM’s focused approach and provided significant capital for further growth. More recently, in a strategic evolution, NSM sold its U.S. commercial division to New Mountain Capital in 2025, creating a new entity and marking the next stage of its journey. Geof and Bill McKernan remain involved, signaling a continuation of the core vision that made NSM a leader in the world of specialty insurance.