US-headquartered MGA to acquire AllClear's UK-based owner

Conshohocken-based NSM Insurance Group has signed a deal to purchase UK-based InsurEVO and the travel brands it operates from growth investor Synova.

InsurEVO is a personal lines travel specialist that owns insurance firms AllClear and InsureandGo.

The brands serve more than 3m customers and are both led by chief executive Chris Rolland.

NSM, which is an insurance provider with more than $1.6bn (£1.26bn) in premium across more than 25 niche programmes, said it had made the acquisition as it looks to become a “dominant player in the travel insurance space”. 

“Today marks an exciting new chapter for AllClear and InsureandGo,” said Geof McKernan, chief executive and founder of NSM.

“We are delighted to welcome these renowned brands to the NSM family.

“Chris has done a tremendous job growing both brands and leading process and technological change while maintaining strong growth. Together, we will drive continued innovation to deliver exceptional value to our clients and expand our global presence.”

Distribution

InsurEvo employs over 350 staff across five offices in three countries.

Since Synova’s investment in the group, it has increased revenues to £60m and placed £150m of gross written premium (GWP) into the market this year.

Rolland said NSM would help the group grow further by expanding its distribution channels.

“We’re absolutely thrilled to join forces with NSM to help us continue to grow and scale the business,” he added.

“Over the last two decades, our dedicated and talented team has helped us grow into the force we are today and we look forward to extending that growth with NSM.

“NSM has the prowess and proven track record to help our business grow by expanding our distribution channels — further enhancing our technology platforms and expanding our global market reach.

“We are confident that NSM will help lead us to a bright future filled with growth, development and success.”