NFP, an Aon company, has purchased certain assets of Signature Personal Insurance (SPI), an independent agency in Greater Kansas City, US, focused on high-net-worth personal lines clients.
SPI, founded in 2004 by Roper DeGarmo, provides insurance cover for wealthy individuals and families with complex risk profiles, encompassing luxury properties, fine art and rare vehicles.
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The agency operates through carrier partnerships and its proprietary professional advisor insurance resource model.
DeGarmo will join NFP as vice-president under Mary Mullen, senior vice-president of personal risk in NFP’s central region.
DeGarmo said: “By combining our regional resources with NFP’s diversified risk solutions, expanded capabilities and talent, we will deliver even greater value to high-net-worth individuals and their families across the Midwest.”
The deal strengthens NFP’s private client capabilities in the Midwest, adding high-net-worth expertise and technology-enabled personal risk management services to its Kansas City operation.
NFP personal risk president Brett Woodward added: “Their high-net-worth personal property and casualty insurance tools will strengthen our ability to deliver integrated risk management solutions to individuals and families while also expanding our presence in the Kansas City market.”
NFP has also made other acquisitions in recent months.
In April, it acquired Sherman Insurance Agency in south St. Paul, Minnesota, US, whose operations focus on trucking, commercial, personal and employee benefits cover.
NFP said that the transaction increased its footprint in the upper Midwest and expanded its work in transportation and logistics insurance.
Also in April, NFP bought Hamilton Group in a deal aimed at strengthening its property and casualty presence across the US north-east.
In its latest financial results, Aon, NFP’s parent company, reported first-quarter (Q1) net income attributable to shareholders of $1.2bn, up 26% from $965m in the prior-year period.
Diluted earnings per share increased by 27% to $5.63 from $4.43 in the same period last year, while Q1 revenue rose by 6% year on year to $5bn.
