NFP, the Aon-owned property and casualty (P&C) broker and benefits consultant, has acquired Moores Insurance Management, a multi-disciplinary risk management company based in Minnesota, US.
Established in 1987, Moores works with high-net-worth (HNW) individuals and businesses in 43 states, offering P&C insurance services to both commercial and personal-risk clients.
Under the agreement, Moores CEO Mark Moores will take on the role of senior vice-president, commercial P&C at NFP, reporting to Amanda Ruback, the company’s managing director of P&C for the central region.
NFP personal risk president Brett Woodward said: “Moores is a long-standing risk management firm and this addition further establishes our presence in the Minnesota market and positions us well to continue delivering P&C insurance solutions for high-net-worth and commercial clients.”
Jack Moores, who serves as president of Moores, will join NFP as senior vice-president of personal lines.
He will report to Mary Mullen, senior vice-president of Personal Risk for NFP’s central region.
The terms of the transaction were not made public.
Mark and Jack Moores said: “The combination with NFP will create significant value for clients, pairing our deep local relationships with NFP’s broad resources and capabilities. Together, we will be even better positioned to deliver integrated solutions that meet the evolving needs of high-net-worth individuals and business owners.”
The Moores deal follows a string of recent acquisitions by NFP.
Last month, the company acquired the retail cannabis insurance business of Frontier Risk Group, a specialty insurer focused on the cannabis sector and other regulated-products clients.
In June, NFP also completed the purchase of certain assets belonging to Signature Personal Insurance, an independent agency based in Greater Kansas City that specialises in personal lines coverage for HNW clients.
NFP’s parent company, Aon, has likewise been active on the acquisition front. Late last month, Aon agreed to acquire insurance broker USI from private equity firm KKR and other shareholders, in a deal valued at $17bn.
“NFP acquires risk management company Moores Insurance” was originally created and published by Life Insurance International, a GlobalData owned brand.