NFP has disclosed its acquisition of California-based commercial insurance and surety bond broker Excel Bonds & Insurance Services for an undisclosed price.
Excel Bonds & Insurance, which is headquartered in Sacramento, was founded in 1999. The company caters to clients throughout the US, in Canada and other countries.
Through the acquisition, NFP expects to expand its surety bond capabilities internationally.
Excel Bonds & Insurance is said to have a diverse, global client portfolio comprising middle-market and large-scale companies in the construction, waste management, real estate and manufacturing industries, among others.
The company focuses on insurance and surety requirements of commercial and residential developers, commercial property owners, commercial and residential builders, and IT companies using conventional and nontraditional risk financing methods.
NFP said that Cathy Skeen and Dave Garese, the ex-founders and principals of Excel Bonds & Insurance, will join the company as senior vice presidents. The duo will be reporting to John Hyland, NFP’s senior vice president and the head of the Surety division.
Garese said: “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.
“We are eager to drive forward momentum with NFP.”
NFP executive vice president and property and casualty division head Henry Lombardi said: “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.
“Excel has distinguished itself by delivering exceptional client service. I look forward to working closely with John Hyland and the Excel team to continue to drive NFP’s client value proposition.”
NFP is among the largest insurance brokers in the US. The company, through its licensed subsidiaries and affiliates, offers customised property and casualty, corporate benefits, retirement, and individual solutions.
Last month, NFP acquired ShawHankins, a group benefits brokerage, based in Marietta, Georgia, for an undisclosed price. ShawHankins is a specialist in consultative services in the areas of employee benefits, medical coverage, and wellness programs to private as well as public sector entities such as city and county governments and school systems.