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Banking & Finance

NPF Corp. Acquires Aquesta Insurance

By Jenny Callison, posted Aug 10, 2018
Aquesta Insurance Services, formerly part of Cornelius, North Carolina-based Aquesta Bank, has a new owner.
 
On July 2, insurance broker NPF announced that it had acquired the insurance entity. Terms were not disclosed.
 
Based in New York City, NFP Corp. provides employee benefits, property and casualty insurance as well as retirement products.
 
Aquesta is a property and casualty broker that offers insurance to small- and medium-sized commercial clients as well as coastal exposures and personal insurance, according to a news release.
 
Aquesta Insurance President Ken McGee will join NFP as a director, reporting to Alan Wise, managing director in the P&C division at NFP.
 
Aquesta Bank President and CEO Jim Engel said area policyholders should not notice any differences under the new ownership. The local insurance office will continue to operate from Aquesta Bank’s building at 901 Military Cutoff Road.
 
“The buyer of the insurance agency (NFP) is maintaining all current employees and their location in our building. Therefore, there is no immediate impact on customers,” Engel wrote in an email.
 
“On a longer-term basis, this should be very beneficial to many of the more complex customers,” he continued. “This is because, as a larger agency, NFP has more ‘markets’ (i.e., insurance companies) they represent. This means they are more able to find the very best insurance product for unique or complex situations.”  
 
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