Texas-based property and casualty brokerage firm National Insurance Partners (NIP) announced the launch of an acquisition and partnering plan. The company’s announcement follows the completion of a private equity infusion.
NIP’s immediate focus is on the identification of highly qualified property and casualty brokers to join NIP.
“Consolidation has been going on for quite some time in this industry, but NIP’s acquisition and partnering concept is a very unique and different approach to what has been done in the past,” according to founder, Bill Pollock. “The NIP approach is not really a buy-out of brokers, but more of a combination of efforts which recognizes and compensates brokers for value today, but it also creates an opportunity to recognize additional value for the P&C broker and NIP through a long-term relationship. We are not interested in just buying an agency, we want a long-term commitment to work together.”
NIP said it will not only preserve the independence, entrepreneurial spirit, and small company soul, but will also provide a broad array of benefits and services and have access to dedicated insurance underwriting unique to a large company.
The company also plans to offer more financial reward—NIP is structured to compensate owners of P&C brokerage firms fairly for the value they have created to date, but also provide generous incentives to participate in the future financial growth of NIP. The company said its financial strength will allow each broker to grow their business while maintaining the great service and support their clients expect.
NIP intends to become known for its expertise in creating new and innovative products for its clients. Through the development of its two proprietary and unique Protection Plans, NIP can assess conflict and risk that often develops in today’s business world and provide innovative solutions on how to manage those conflicts and risk.
Specifically, the NIP Director Protection Plan includes an audit and review of the indemnification provisions and directors’ and officers’ liability insurance and performs a comprehensive Critical Issues Assessment for directors. This Plan can identify any gaps in D&O coverage, which has a growing importance in this Post-Enron/WorldCom disaster environment of increased responsibility and risk for directors.
Another tool is the NIP Conflict Management Plan, which is dedicated to helping prevent lawsuits and reducing legal costs. This Plan is able to provide senior management and the Board unfiltered information regarding issues and outcome trends and opportunities for issue prevention while preserving the confidentiality of the source.
Source: National Insurance Partners
Was this article valuable?
Here are more articles you may enjoy.
Hackers Behind MGM Attack Targeting Financial Sector in New Campaign 
Three Insurers Reject Chevron’s $57 Million Claim for Iran Oil Seizure 
Nuclear Verdicts Surge to $14.5 Billion in 2023 – Report 
Florida OIR Fines Heritage P&C $1M for Ian Claims Issues 
