Dallas-based U.S. Risk Insurance Group Inc. (U.S. Risk) announced it has entered into a financial transaction with London-based Insurance Broker, NCG Professional Risks Ltd. (NCG).
The transaction involves U.S. Risk International Ltd. (a subsidiary of U.S. Risk Insurance Group Inc.) taking a shareholding in the U.K. Professional Indemnity broking firm. NCG Professional Risks Ltd. was established in July 1999 to act as a specialist insurance intermediary for direct U.K. Professional Indemnity Insurance.
Randall Goss, U.S. Risk chairman and CEO, noted, “We believe this is the ideal platform for us to develop the U.K. and International marketplace. NCG has achieved profitable growth since its inception and U.S. Risk looks forward to being able to contribute future development.”
NCG joint managing director, Jamie Newell, stated, “We are all very excited about entering into a relationship with such a highly regarded company with a proven track record of success. The financial strength and infrastructure resources U.S. Risk can contribute will enable NCG to consolidate and build on our position in the U.K. Professional Indemnity marketplace and assist in diversifying into areas where we currently consider there are significant opportunities.”
The arrangement has Randall Goss assuming the role of chairman with Jamie Newell and Neill Cotton as joint managing directors.
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