Near North's President Exits
By Mark E. Ruquet
NU Online News Service, Aug. 6, 3:20 p.m. EDT ? The president of embattled insurance broker Near North Group has left the firm to join Willis Group Holdings.
Willis made the announcement today that William C. Bartholomay, formerly president and a member of the board of Near North, will become vice chairman of Willis' U.S. subsidiary Willis North America. Mr. Bartholomay will report to Joe Plumeri, Willis' chairman and chief executive officer.
Recently, Chicago-based insurance broker Hub International, Inc., announced that it is in negotiation with Near North, also headquartered in Chicago, to buy the firm. Hub said it hoped to complete the deal shortly.
Mr. Bartholomay indicated through a Willis spokesperson that he decided to leave Near North to make room for a new management team as Near North makes its transition. Mr. Bartholomay said, in a statement, that Willis is distinguishing itself with "its clients and carriers alike and I am truly excited to be able to help Willis accomplish even more."
Martin P. Hughes, Hub's chairman and CEO, said that since Near North was indicted on mail fraud and racketeering charges by the federal government, the firm has seen a dramatic exodus of executives and business from the firm.
The charges are tied to the indictment of the firm's founder and former CEO Michael Segal. Mr. Segal was arrested in January and subsequently indicted on charges of allegedly embezzling more than $20 million from the firm's premium fund trust account over a number of years.
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