View this article online: https://www.insurancejournal.com/news/national/2018/08/07/497304.htm
PEAK6 Investments LP announced it has acquired National Flood Services (NFS) from Aon plc.
NFS is a provider of business process services in flood insurance. According to a statement, the firm support nearly 87,000 active flood agents with 550 employees and managers approximately 1.8 million flood policies and $1.5 billion of National Flood Insurance Program premium annually.
“We see significant opportunity to leverage NFS’s deep expertise and long-standing client relationships to further strengthen its presence in the flood insurance market,” said George Ruhana, a partner at PEAK6 Investments, in a statement. PEAK6 Investments, L.P. is an investment firm which invests in and operates financial, technology, and consumer businesses.
As part of the agreement, Aon is retaining the private flood insurance business, currently known as NFS Edge, a managing general agent and the provider of EZ Flood.
“As we considered the next phase of the journey for both Aon and NFS, we sought to identify a new owner for NFS who would bring significant operational capabilities, IT innovation, and capital to drive growth for the business and its clients,” said Liam Caffrey, CEO of Affinity for Aon, in a statement.
Established in 1997, PEAK6 has its headquarters in Chicago, and offices in Dallas, Seattle, New York and Portland. PEAK6 focuses on businesses which are going through transformation, where its combination of capital and operating expertise can accelerate business growth.
Latham & Watkins LLP acted as legal advisor and Waller Helms Advisors as financial advisor to PEAK6. Sidley Austin LLP acted as legal advisor and XMS Capital Partners as financial advisor to Aon.
Source: PEAK6 Investments LP