Property and casualty broker NFP has bought Quantum Risk Solutions, a managing general underwriter (MGU) and wholesaler, for an undisclosed sum.
US-based Quantum supports the transportation industry with multiple risk solutions.
Its focus areas include auto transporters, towing/collateral recovery, nonemergency EMT and specialty haulers.
Apart from offering a wide range of coverages to its clients, the firm leverages its expertise in telematics to track and collect data from individual vehicles and fleets.
NFP expects the acquisition to expand its MGU and managing general agent (MGA) division in the transportation sector.
As part of the transaction, Quantum president George Karlis will move to NFP and report to NFP MGA/MGU Programs managing director Tom Gillingham.
Gillingham said: “I’m thrilled to welcome George and the Quantum Risk Solutions team to NFP.
“Acquiring Quantum aligns with our strategy to expand our MGA/MGU platform and brings sophisticated commercial transportation underwriting capabilities to a space where NFP has a growing retail presence.
“NFP also gains an experienced underwriting leader in the transportation segment in George Karlis, whose expertise raises the bar for our business.”
Karlis said: “I am very excited to join NFP, work with Tom and the team, and complement NFP’s existing capabilities in the transportation sector.”
“Joining the NFP family creates a variety of opportunities for our partners, clients and employees who can all benefit from NFP’s scale and resources.”
In July this year, NFP launched a captive management firm in Alberta, Canada after the enactment of the Captive Insurance Companies Act in Alberta. It enables NFP to form and administer Alberta-domiciled captive insurance firms for customers.