NFP, a P&C insurance intermediary and a unit of Aon, has acquired Scott Litman Insurance Agency (SLIA).
Financial terms of the transaction were not disclosed.
Based in Calabasas, California, SLIA is a P&C intermediary focused on habitational risk.
It has been providing P&C insurance and education in the Los Angeles region for almost 30 years, with a focus on commercial habitational risk.
The SLIA team caters to southern California HOAs, property management companies, boards of directors and landlords of mid to large-sized properties.
As part of the deal, SLIA president Scott Litman will assume the role of senior vice-president at NFP.
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By GlobalDataIn his new role, Litman will report to NFP managing director of West region P&C Ed Kurowski.
Kurowsk said: “We are thrilled to welcome Scott Litman Insurance Agency to NFP. Scott and his team have built an impressive book of commercial habitational risk business in southern California with a focus on building long-term relationships, delivering effective risk management solutions and providing excellent client service.
“We look forward to their impact on the growth of our P&C business in this key market while creating opportunities for the team to introduce new capabilities to clients.”
Litman added: “As part of NFP, our team can access expanded expertise and capabilities across NFP, which will add tremendous value to the wide-ranging needs of our clients.
“With shared values and a commitment to advancing an already outstanding culture, we are excited to help drive NFP’s growth in the habitational risk space and the greater Los Angeles area.”
Last month, NFP expanded its operations in Ireland with the acquisition of Orca Financial Group, a Dublin-based specialist financial brokerage, and Sean Barrett Bloodstock Insurances, which offers specialty insurance.
Set up in 1999 and based in the US, NFP was bought by Aon earlier this year in a cash-stock transaction worth $13bn.
Source:
https://www.nfp.com/about-nfp/newsroom/nfp-acquires-scott-litman-insurance-agency