Benefits, insurance and wealth management services provider National Financial Partners (NFP) has purchased the Wood Insurance Group (WIG), a professional liability insurance provider, for an undisclosed sum.
Following completion of the transaction, the acquired entity will be combined with NFP Property & Casualty Insurance Services (NFP P&C), to set up a national premier medical malpractice division.
NFP chairman & CEO Douglas Hammond said that the transaction is part of a strategy to continue to build scale in property and casualty business through the acquisition of companies that complement its client offering.
David Wood, WIG founder, will assume the designation of managing director of medical professional liability for NFP P&C, and report to Terrence Scali, CEO of NFP P&C.
WIG, which is currently operating from Phoenix, Arizona, will relocate its operations into NFP P&C's existing Scottsdale, Arizona, office later this year.
The company said that the acquisition strengthens its presence in the medical malpractice arena, while providing a natural cross-sell for its network of NFP advisors currently working with physicians across the country.
In April 2013, the company NFP acquired Thoits Insurance Services, a California-based provider of property & casualty (P&C) insurance.
