Acquisition advances NFP’s leadership in the surety and commercial insurance space, scales company’s surety bond capabilities internationally
New York, NY (June 20, 2019) – NFP, a leading insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement, and individual solutions, today announced that it has acquired Excel Bonds & Insurance Services, Inc. The transaction closed effective May 1, 2019.
Excel Bonds & Insurance is a commercial insurance and surety bond broker based in Sacramento, California. Excel boasts a diverse, international client portfolio, including middle-market and large-scale firms across the U.S. and Canada in the waste management, construction, real estate and manufacturing industries, among others. Cathy Skeen and Dave Garese, former founders and principals, will join NFP as senior vice presidents, reporting to John Hyland, senior vice president and the head of the Surety division.
“We are thrilled to welcome Cathy and Dave to the NFP family and look forward to the impact of their wealth of cumulative experience providing comprehensive surety and commercial insurance solutions worldwide,” said Henry Lombardi, executive vice president and head of NFP’s Property and Casualty division. “Excel has distinguished itself by delivering exceptional client service. I look forward to working closely with John and the Excel team to continue to drive NFP’s client value proposition.”
“This is an exciting step for our organization and our clients. We look forward to working with John, a world-class Surety expert; Henry, a world-class P&C expert; and the whole NFP team to exchange ideas and innovate product lines,” added Garese. “We are eager to drive forward momentum with NFP.”
NFP is a leading insurance broker and consultant providing customized property and casualty, surety solutions, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,100 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest US-based privately owned broker, 6th largest benefits broker by global revenue and 7th best place to work in insurance (Business Insurance); 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best’s Review).
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SOURCE: NFP Corp.Tags: Acquisition, NFP