PEAK6 InsurTech, an insurance-operations subsidiary of PEAK6 Investments, said UniFi Group agreed to acquire a controlling interest in National Flood Services (NFS). PEAK6 will retain a minority stake in the new joint venture.
NFS and UniFi expect to close the transaction in the third quarter of 2022.
“Since the acquisition of NFS in 2018, we have been intently focused on developing the premier technology platform serving the flood insurance space,” said Deb Franklin, co-CEO of PEAK6 InsurTech. “With our successful launch of Trident in 2020, we believe we have accomplished that. This transaction will take NFS to the next level of growth, with NFS benefiting from UniFi’s network and services.”
UniFi has been building transformational technologies for the insurance industry for the past 14 years and specializes in BPO contact center operations. They understand the unique needs of insurance carriers and are passionate about bringing tech solutions into customer’s hands quickly and effectively. Under this new partnership, UniFi and NFS will combine strengths across both organizations to deliver improved technology and services that propel us forward as the premier flood insurance service provider. Having resources laser-focused on the core business strategy is fundamental to a successful future.
Kiran C. Patel, chairman of UniFi Group, said, “UniFi focuses on building technology solutions that support the flood and P&C insurance markets. Our modular SaaS-based system will allow client customizations that will provide NFS clients a competitive advantage.”
For more than 36 years, NFS has worked with top insurance companies to help protect homeowners from the costly impacts of flooding. In close partnership with the Federal Emergency Management Agency (FEMA) and WYOs, NFS supports over 85,000 active flood agents who oversee approximately $1.4 billion of National Flood Insurance Program (NFIP) premiums annually and more than 1.5 million policies.
Source: PEAK6 InsurTech
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