New York-based insurance broker NFP has acquired Indianapolis-based City Securities Insurance LLC. Financial terms of the deal were not disclosed.
NFP says City Securities President John Dillon will join NFP as managing director. Dillon calls NFP a "natural fit" for City Securities and its clients.
"City Securities Insurance is one of the oldest insurance providers in the Indiana market. Its longstanding relationship with the local community and dedication to growth aligns nicely with NFP’s desire to expand our footprint in the state and the Midwest region,” said Terry Scali, chief executive officer of NFP’s P&C division. "We’re excited to welcome the respected City Securities Insurance team to the NFP family, and especially pleased to bring on board the leadership of John Dillon, an experienced industry veteran."
NFP provides employee benefits, property & casualty, retirement and individual private client solutions. The company did not say whether any other jobs would be affected by the acquisition.
In September, the former parent of City Securities Insurance, City Financial Corp., was acquired by St. Louis-based Stifel Financial Corp. (NYSE: SF). City Securities Insurance was not part of that transaction.