NEBCO Insurance Services has opened an office in Naples, Fla.
The Greenwich, Conn.-based independent insurance agency provides asset and lifestyle protection for high-net-worth individuals nationwide. The recently opened office in Naples is the firm’s first expansion outside the Greenwich area.
John Paolini, the CEO of NEBCO, said its business plan is to expand its geographic footprint and enter into new communities across the country in the course of the next five years. Naples represents the first office in that effort, he said.
NEBCO specializes in providing customized insurance products to protect primary and secondary residences, yachts, luxury automobiles, private collections of art and jewelry. In addition, the agency provides business insurance for their clients’ privately held businesses and to professionals who cater to affluent families, including law firms, accountants and private-wealth managers.
Paolini said its customers are driving the expansion into Florida as they purchase second homes or re-domicile out of high-income-tax states.
“Approximately 20 percent of our clients maintain residences in Florida and we’re seeing that number grow,” he said.
NEBCO is licensed in all 50 states and has 1,800 clients. Paolini, a veteran of the insurance business and a Naples resident, joined NEBCO as the CEO earlier this year. Over the past 24 years, Paolini has held senior executive positions with specialty insurance agencies and companies including Gulfshore Insurance, Frank Crystal, Chubb, AIG Private Client Group and ACE Private Risk Services.
In addition to Paolini, the Naples office team includes Josh White, Personal Risk advisor, and Crystal Hoover, account executive. The Naples office is located at 400 Fifth Ave. S., Suite 302.
Stone Point Capital, a private-equity firm based in Greenwich, Conn., acquired NEBCO in January 2013. Stone Point has raised and managed six private equity funds with aggregate committed capital of $13 billion.
Topics Florida
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