The move delivers ’significant synergies and grants our brokers a competitive advantage’, says managing director

MGA NBS Underwriting has acquired Lloyd’s coverholder Capital Markets Underwriting (CMU), a statement released today (14 July 2023) revealed.

CMU offers insurance intermediaries access to a range of commercial and personal lines insurance products.

NBS said purchasing the firm represented a “significant step” in its plan to double in size within the next five years through organic growth and strategic acquisitions.

The firm’s managing director Steve Cowman added the move would help NBS expand into the commercial combined arena and provide a wider range of products to brokers.

“The transaction strengthens the position of both NBS and CMU in the broker market, delivering significant synergies and granting our brokers a competitive advantage with multiple product offerings,” he said.

“We look forward to welcoming CMU to the NBS family.”

More opportunities 

This came after NBS acquired The Underwriting Specialist in 2021.

NBS said its latest purchase of CMU “demonstrates NBS’ commitment to expanding its product portfolio and strengthening its position in the insurance market”.

Following the acquisition, CMU will continue to operate from its headquarters in Harpenden, Hertfordshire.

CMU director Tim Mahon said: “The opportunities that have opened for CMU by becoming part of the NBS group are vast and we look forward to growing our business alongside our new colleagues.

“As service, product range and technology become even more important for brokers, CMU can leverage the capabilities that NBS already has in place.

“Our expert team of underwriters will continue to apply their expertise to commercial combined as they have always done, now with the strength and backing of NBS.”