Privately-owned insurance agency NSI Insurance Group is strengthening its presence in South Florida with the acquisition of Preferred Link.
An insurance agency previously serving as a subsidiary to FedNat, Preferred Link specializes in homeowners’ policies. The deal enhances NSI’s position as one of the largest privately-owned insurance brokerage and advisory firms in Florida, a company release explained.
The decision to acquire Preferred Link to deepen NSI Insurance’s expertise in the personal lines space comes as Florida homeowners are stuck with premiums that are three times higher than the national average, NSI said, citing data from the Insurance Information Institute.
“Florida consumers are hurting, and the best remedy for navigating today’s challenging market is working with a team that understands how to evaluate risk and align clients with the policy that’s right for them,” said NSI Insurance Group CEO Oscar Seikaly. “NSI’s addition of Preferred Link will provide an additional layer of experienced advisors who know the ins and outs of Florida’s insurance landscape, and are well-versed in providing a high caliber of client service across the state.”
NSI also announced in a statement that its acquisition of Preferred Link is the latest in a series of M&A transactions it had executed as it looks to expand both its expertise and client roster in Florida.
Last year, NSI acquired the insurtech HoneyQuote.com. HoneyQuote is a home insurance comparison tool that allows homeowners to compare quotes and policies from insurance providers in real-time through its machine-learning algorithm.