National Financial Partners (NFP) has completed acquisition of Thoits Insurance Services, a California-based provider of property & casualty (P&C) insurance, effective from 03 April 2013.
As part of the acquisition, Thotis Insurance will be incorporated into NFP P&C Insurance Services (NFP P&C) for establishment of a California regional office, which will be responsible for management and growth of P&C in the region.
Founded in 1891, Thotis Insurance is currently operated by Paul Saich, who will become regional president of California NFP P&C, reporting to its chief executive officer Terrence Scali.
Scali said Paul and his associates are the right team to expand the company's presence in the California market, which has been a top priority as part of its P&C expansion strategy.
"Our new partnership with NFP will provide opportunities for continued growth, allow for professional development of our staff and provide our clients with an even greater level of service and platform of offerings across P&C, corporate and executive benefits, life insurance and wealth management,'' Scali added.
National Financial Partners president and chief operating officer Douglas Hammond said, "The Thoits Insurance transaction is consistent with our strategy to continue to build scale in the property and casualty business through the acquisition of outstanding businesses that complement our client offering.''
NFP is a provider of benefits, insurance and wealth management services to companies and high net worth individuals.