Chicago-based broker Near North National Group announced a 20 percent increase in consolidated revenues and net income for the first half of the year, which it attributed mainly to increased business from clients, rather than rising premium rates.
The absence of former CEO Michael Segal, who resigned last January, following the announcement that he was the subject of a federal investigation, doesn’t seem to have hurt business in the least.
Segal’s case is still pending, but company spokeswoman Natalie Rofalikos denied reports that as much as $20 million was missing, and reaffirmed that Near North has never been charged with any wrongdoing. She also pointed to the appointment of Fred Foreman, a former U.S. Attorney, as Chairman of NNNG’s Board of Directors, as added assurance of the group’s integrity.
The company just celebrated its 40th anniversary, and is looking forward to more growth. It currently employs 850 associates in its Chicago headquarters and other offices, including London.
Foreman expressed satisfaction at the earnings growth, stating that, “We are especially pleased with these strong results given the current sate of the marketplace. They reflect the loyalty of our many valued clients and our steadfast commitment to high quality service.”
Topics Trends Profit Loss
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