With PEAK6′s acquisition of NFS, Aon will retain NFS Edge, a Managing General Agent and the provider of EZ Flood. (Photo: NFS)
PEAK6 Investments has announced its acquisition of National Flood Services (NFS) from Aon.
As the largest U.S. provider of technology-enabled risk & business process services in flood insurance, NFS services more than 1.9 million flood policies and $1.5 billion of flood insurance premium annually.
George Ruhana, a partner at PEAK6 Investments, says the company sees a great opportunity to leverage NFS' expertise and long-standing client relationships to strengthen its presence in the flood insurance market, while utilizing technology to drive growth.
As part of the agreement, Aon is retaining the private flood insurance business currently known as NFS Edge, a Managing General Agent (MGA) and the provider of EZ Flood. Aon representatives explain NFS Edge aligns with the company's focus on classic insurance product development, as well as sales and marketing through MGAs.
The future of NFS
"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," Liam Caffrey, CEO of Affinity for Aon, said in a statement. Caffrey added that he believes PEAK6's acquisition of NFS will enhance the value it delivers on behalf of clients and policyholders.
"NFS has a rich history — more than 30 years of experience — and we remain committed to reducing the devastating financial and emotional impact flooding has on our communities," NFS CEO Louis Hobson added.
Visit National Flood Services website for more information and continued updates.
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