UniFi Group to Acquire Controlling Stake in National Flood Services LLC
UniFi will build upon National Flood Services’ cutting-edge technology platform to accelerate NFS’ ability to support the needs of agencies and consumers.
CHICAGO, June 10, 2022 (GLOBE NEWSWIRE) — PEAK6 InsurTech, an insurance operations subsidiary of PEAK6 Investments, announced today that UniFi Group has agreed to acquire a controlling interest in National Flood Services (NFS). PEAK6 will retain a minority stake in the new joint venture. NFS and UniFi expect to close the transaction in the third quarter of 2022.
“Since the acquisition of NFS in 2018, we have been intently focused on developing the premier technology platform serving the flood insurance space,” said Deb Franklin, Co-CEO of PEAK6 InsurTech. “With our successful launch of Trident in 2020, we believe we have accomplished that. This transaction will take NFS to the next level of growth, with NFS benefiting from UniFi’s network and services.”
UniFi has been building transformational technologies for the insurance industry for the past 14 years and specializes in BPO contact center operations. They understand the unique needs of insurance carriers and are passionate about bringing tech solutions into customer’s hands quickly and effectively. Under this new partnership, UniFi and NFS will combine strengths across both organizations to deliver improved technology and services that propel us forward as the premier flood insurance service provider. Having resources laser-focused on the core business strategy is fundamental to a successful future.
Dr. Kiran C. Patel, Chairman of UniFi Group, commented, “UniFi focuses on building technology solutions that support the Flood and P&C Insurance markets. Our modular SaaS based system will allow client customizations that will provide NFS clients a competitive advantage.”
For more than 36 years, NFS has worked with top insurance companies to help protect homeowners from the costly impacts of flooding. In close partnership with the Federal Emergency Management Agency (FEMA) and WYOs, NFS supports over 85,000 active flood agents who oversee approximately $1.4 billion of National Flood Insurance Program (NFIP) premiums annually and more than 1.5 million policies.
About PEAK6 InsurTech
PEAK6 InsurTech began with the vision to bring innovative drive and technology to the insurance sector. These things, combined with the power of our subsidiaries We Insure and Team Focus Insurance Group, will enable us to deliver better value to customers and reach new heights, transforming insurance from “what is,” into “what ought to be.”
PEAK6 uses technology to find a better way of doing things. The company’s first tech-based solution was developed in 1997 to optimize options trading, and over the past two decades, the same formula has been used across a range of industries, asset classes, and business stages to consistently deliver superior results. Today, PEAK6 seeks transformational opportunities to provide capital and strategic support to entrepreneurs and forward-thinking businesses.
PEAK6’s core brands include PEAK6 Capital Management, PEAK6 Strategic Capital, Apex Fintech Solutions, PEAK6 InsurTech, Zogo, Evil Geniuses and Poker Power.
About UniFi Group
UniFi Group is a privately held service organization with significant experience providing innovative technology solutions and value-added services, products, and benefits to the property and casualty industry. The group’s organizational expertise and product offerings span various areas from insurance carriers, agencies, contact centers, repair networks, and IT services. Headquartered in Tampa, Florida, UniFi also has international offices in Medellin, Colombia, and Mumbai, India.
Clay Kuntz, Director of Client Success
Stephanie Langguth, Sr. Communications Manager, PEAK6 InsurTech
Catherine Pollard, VP Flood Operations UniFi Group