National Financial Partners Corp. (NFP), provider of benefits, insurance and wealth management services, has acquired The Wood Insurance Group Inc. (WIG), a professional liability insurer. WIG will be integrated into the P&C division of NFP to create a national medical malpractice division. The transaction closed Aug. 8, 2013.
"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,” said David Wood, who founded WIG in 1986. “The WIG team looks forward to working with NFP to ensure a successful integration."
Wood will become managing director, medical professional liability for NFP P&C, reporting to Terrence Scali, CEO of NFP P&C.
"We are pleased to welcome David and his colleagues at WIG to the NFP family,” said Douglas Hammond, chairman & CEO. “The WIG transaction is consistent with our strategy to continue to build scale in our property and casualty business through the acquisition of outstanding companies that complement our client offering. We are excited about the value WIG brings in the medical malpractice space as we continue to build out our national expertise in P&C."
WIG is located in Phoenix and will move operations into NFP P&C's current Scottsdale, AZ, office later this year.
"We are thrilled to have acquired WIG. David and his colleagues are the right team to expand our presence in the medical malpractice space, which gives us a natural cross-sell for our network of NFP advisors currently working with physicians across the country," Scali said.
