NFP buys Sherman Insurance Agency

NFP has acquired the Sherman Insurance Agency, an insurance company based in South St. Paul, Minnesota, US, with operations focused on trucking, commercial, personal and employee benefits cover.

Financial terms of the deal remain undisclosed.

The deal adds to NFP’s footprint in the upper Midwest and expands its work in transportation and logistics insurance.

Following the transaction, Sherman executives John Glieden, Kyle King and Peter Lobe will take up roles at NFP as senior vice-presidents.

Jennifer Carter will join as vice-president.

They will report to Amanda Ruback, managing director for property and casualty (P&C) in the Central region.

Sherman Insurance Agency, established in 1931, works with small and medium-sized businesses in the trucking and transport sectors across the Twin Cities, the Upper Midwest and other areas.

Glieden said: “Joining NFP marks an exciting new chapter for Sherman. Our clients will benefit from access to NFP’s diversified risk solutions and integrated resources, while we continue to deliver the customer-first approach that has defined our business since 1931.”

The agency has also extended its activities over time to cover risk management services for commercial customers, as well as personal insurance.

NFP Central region president Mike Schneider said: “We are excited to welcome the Sherman team to NFP as we expand our risk management footprint across Minnesota and the upper Midwest.

“Sherman brings a well-established, multidisciplinary brokerage with deep expertise in trucking insurance. We look forward to integrating these capabilities into our Transportation and Logistics specialty group as we support clients nationwide.”

Last month, NFP launched a P&C group captive practice following the purchase of Trinity Risk Advisors. 

Trinity Risk Advisors is a captive brokerage business headquartered in Charlotte, North Carolina.