PEAK6 Investments, L.P. today announced that it has acquired National Flood Services, Inc. (NFS) from Aon plc (NYSE:AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions.
NFS is the largest U.S. provider of technology-enabled risk & business process services in flood insurance. The company’s 600 colleagues support nearly 87,000 active flood agents, who manage 1.8 million flood policies in force and $1.5 billion of National Flood Insurance Program premium annually.
“We see significant opportunity to leverage NFS’s deep expertise and long-standing client relationships to further strengthen its presence in the flood insurance market,” said George Ruhana, a partner at PEAK6 Investments. “We have an established track record of successfully leading transformations by using technology and look forward to driving enhanced growth at NFS.”
Louis Hobson, CEO of NFS, added, “NFS has a rich history and, more than 30 years since our founding in 1985, we remain committed to reducing the devastating financial and emotional impact flooding has on our communities. I’m proud to partner with PEAK6 and excited to work together to take the business to the next level as we level PEAK6’s deep expertise in supporting technology-enabled businesses.”
As part of the agreement, Aon is retaining the private flood insurance business, currently known as NFS Edge, a Managing General Agent (MGA) and the provider of EZ Flood. NFS Edge aligns with Aon’s focus on classic insurance product development as well as sales and marketing through MGAs and will continue to have a strong contractual relationship with National Flood Services.
“As we considered the next phase of the journey for both Aon and NFS, we sought to identify a new owner for NFS who would bring significant operational capabilities, IT innovation, and capital to drive growth for the business and its clients,” said Liam Caffrey, CEO of Affinity for Aon. “PEAK6’s investment will strengthen NFS’ position as the leader in the flood insurance market and enhance the value it delivers on behalf of clients and policyholders.”
PEAK6 Investments, L.P. is an investment firm which invests in and operates financial, technology, and consumer businesses. Established in 1997, PEAK6 has its headquarters in Chicago, and offices in Dallas, Seattle, New York and Portland. PEAK6 focuses on businesses which are going through transformation, where its combination of capital and operating expertise can accelerate business growth.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. Sign up for News Alerts to get information instantly. Follow Aon on Twitter and join the conversation on LinkedIn.