A division of National Financial Partners Corp., one of the largest insurance brokerage firms in the country, has acquired a niche Simi Valley business for an undisclosed amount.
New York-based NFP said Sept. 9 that its had bought Insurance West Corp., a Ventura County-based firm that offers insurance to the entertainment equipment rental industry as well as coverage to high-net-worth individuals.
Terrence Scali, CEO of NFP’s property and casualty insurance business, told the Business Times the deal gives his firm a bigger footprint in the Southern California market and also in the niche industry of offering property and casualty insurance to firms that rent out video cameras, sound equipment and other gear to the entertainment industry.
“Insurance West is kind of a well-rounded general agency that also has some niche capabilities in Southern California,” Scali said. “They fit the bill for what we were looking for.”
NFP, which is ranked among the top 10 largest business insurance brokerage firms in the U.S., is looking for more acquisition opportunities in the greater Los Angeles and San Diego County markets, he said.
IWC was founded in 1947 and has been owned by President Robert Sulzinger since 2005. Sulzinger will now report to NFP’s regional property and casualty insurance president for California and will be focused on building out the firm’s entertainment division further.
The firm’s 58 employees will all continue on with NFP following the deal, Scali said.