The new unit brings together expertise, resources, and market access of BWD Sports & Entertainment and Team Scotti
US-based insurance brokerage NFP has created a new sports and entertainment unit by merging its subsidiaries BWD Sports & Entertainment and Team Scotti.
Both subsidiaries will be branded under the NFP name, while providing a new level of collective capabilities and expertise.
BWD Sports & Entertainment is part of the New York-based BWD Group, which was acquired by NFP in 2015.
Team Scotti, on the other hand, is a recent acquisition, made in May this year. Based in Pennsylvania, Team Scotti offers insurance solutions and employee benefit programs to Major League Baseball (MLB), and Minor League Baseball (MiLB) and also their affiliates.
NFP P&C division executive vice president and head Henry Lombardi said: “We’re excited to combine the strengths of BWD Sports & Entertainment and Team Scotti to create a powerhouse in the sports and entertainment space.
“Integrating these two successful firms – and expanding our reach with a consistent brand – will help drive our overall growth while benefiting a wide array of clients.”
The sports and entertainment unit’s existing clients include the National Hockey League (NHL), MLB, the National Basketball Association (NBA), the National Football League (NFL), the Women’s National Basketball Association (WNBA), the Association of Tennis Professionals (ATP), the Women’s Tennis Association (WTA), and other professional sports organisations in North America.
Its clients also include various individual sports franchises and close to 12,000 professional athletes.
The NFP unit also caters to the National Collegiate Athletic Association (NCAA), and also more than 500 colleges and universities along with over 2,000 secondary/K-12 schools.
Besides, the unit offers insurance solutions to film studios, entertainers and performing artists, event producers and promoters, and also executives of sports and entertainment-related organisations.
The new unit is also said to provide the insight and tools needed for design, implementation, and for maintaining coverage programmes that address the biggest challenges of its clients in an effective manner.
NFP chairman and CEO Doug Hammond said: “NFP has a long history of offering significant value in the sports and entertainment space through our deep knowledge, specialised market access, unique capabilities and scaled resources.
“With the official formation of this group, we will better connect our solutions with current and future clients, positioning our business for further growth and elevating awareness of our brand.”
Last month, NFP announced the consolidation of its life insurance subsidiary Financial Architects Partners (FinArch) with NFP Life Solutions.