By Michael Loney

April 17 - (The Insurer) - Geof McKernan-led Ignyte Insurance has been launched as a specialty insurance platform following the close of the sale of NSM Insurance Group's U.S. commercial business to New Mountain Capital.

Ignyte describes itself as a platform dedicated to acquiring, scaling and accelerating high-performing insurance brands in niche markets around the world.

It is led by industry veterans Geof McKernan, Bill McKernan and Marc Castellucci, the leadership team that grew Carlyle-owned NSM into a $2 billion specialty insurance platform.

"Ignyte represents more than a name; it embodies the entrepreneurial spirit, innovation and grit that have fuelled our growth for over three decades,” said Ignyte CEO Geof McKernan. “Others may turn away from unique or complex niche industries, but we run toward them.”

Ignyte has a growing global portfolio of specialty insurance brands spanning collector car, travel medical, international student health, leased equipment and other embedded insurance products.

Together, they manage over $650 million in premium and serve millions of customers worldwide, with a presence in the U.S., UK, Europe and Australia.

"We're incredibly proud of what we built at NSM Insurance Group over the past 35 years, but it was time to take on a new challenge," said Ignyte president Bill McKernan.

"We've proven our ability to build and scale successful companies, and with Ignyte, we're ready to take that to the next level. The opportunity ahead is massive,” he added.

MGA platform NSM announced on Tuesday that it had completed the sale of its U.S. commercial insurance division to New Mountain, a growth-oriented investment firm which manages more than $55 billion in assets.

The sale wasfirst announced in February.

New Mountain’s portfolio includes retail insurance broker IMA Financial Group. It is also a former investor in Amwins.

The sale agreement encompassed NSM's portfolio of 15 market-leading niche insurance programs across property and casualty, accident and health, and reinsurance, as well as its retail agency NSM Insurance Brokers.

NSM said on Tuesday that, in addition to the new brand for the U.S. commercial division, a new brand would also be launched for its remaining direct-to-consumer insurance brands.

Chief commercial lines officer Aaron Miller was appointed NSM CEO, taking over the role from McKernan.

Carlyle NSM from White Mountains in 2022 in a $1.78 billion transaction valued.