The acquisition will support NSM’s plans to adapt to the growing travel insurance market. The company described Envisage as ‘a leading provider of global health and travel insurance plans for international students and cultural exchange participants around the world’.
Envisage offers a range of products through two brands:
- International Student Insurance (ISI) – which serves colleges, universities, English as a second language (ESL) programmes, study abroad programmes
- Envisage Global Insurance (EGI) – a brand which primarily offers group insurance plans to organisations in the J1 cultural exchange and global youth travel markets.
The successful takeover was welcomed by Bill McKernan, President of NSM Insurance Group, who stated: “The travel insurance market is booming, and will continue to grow at a rapid pace – with the industry predicted to reach $41 billion by 2027. We plan to seize this market opportunity and become a dominant player in the space.”
McKernan added that Envisage boasts a ‘talented team, strong customer base, established revenue relationships and cutting-edge technology infrastructure’, and that they are an ‘enterprising addition to our portfolio as we look to build our footprint in the international travel and health insurance space’.