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NIP Group, Inc. Announces The Formation of NIP Specialty
Brokerage, LLC. and the appointment of John Rath as President
New Division Will Operate As A Specialty Wholesaler
April 15th, 2004 — NIP Group, Inc. is pleased
to announce the formation of its new wholesale brokerage operation,
NIP Specialty Brokerage, LLC. This division is being created to
expand NIP Group's business to meet the needs of its retail broker
network and to satisfy market opportunities in the surplus lines
industry. NIP Specialty Brokerage will operate as a separate entity
targeting non-standard commercial risks underwritten by admitted
and non-admitted specialty carriers.
As part of the NIP Group family of companies, NIP Specialty Brokerage
will benefit from leveraging existing specialty MGA and group self
insurance operations and a network of over 2,000 retail insurance
agencies. This leverage will allow NIP Specialty Brokerage to become
operational faster than an unaffiliated start-up wholesaler. The
company will also be able to achieve competitive advantages in the
marketplace that are not available to start-up wholesalers.
Mr. John Rath, a leader in the industry, joins the new company
as President. “We are thrilled to have John on board for this
new and exciting venture. John's unique combination of wholesaler,
program and carrier experiences and his outstanding record of achievement
makes him the right executive to lead NIP’s entry into the
wholesaler marketplace. We have grown our business by listening
to our clients. Over the past three years, our network of retail
insurance brokers have been urging us to broaden our business to
assist them in the placement of their most challenging policies,”
said Richard Augustyn, Chief Executive Officer of NIP Group, Inc.
Mr. Rath comes to NIP Specialty Brokerage with over 25 years experience
as a growth manager for insurance industry leaders. He most recently
served as Senior Vice President, Market Relations for Heath USA,
the nations’ largest independent insurance wholesaler. While
President of Commercial Programs for Brown & Brown, Mr. Rath
oversaw the strategic direction, management, growth and profitability
of their national commercial insurance programs division. During
his tenure at Cigna Corporation, he initiated profit improvement
plans and expanded the Municipal and Education Services Division.
Throughout his career, Mr. Rath has provided the visionary leadership
that has resulted in an outstanding record of expanding and growing
company revenues and increasing profitability. Mr. Rath earned a
BA in English from the City College of New York and an MBA at St.
Johns University.
About NIP Group, Inc.
NIP Group, Inc. is a specialized business insurance and risk management
intermediary ranked among the largest 125 in the United States and
provides a wide range of brokerage, underwriting and risk management
services to select market segments.
NIP Group, Inc. is structured into three complementary lines of
business; NIP Programs, NIP Group Self Insurance and NIP Specialty
Brokerage. Together these affiliated companies provide creative
insurance solutions for landscapers and arborists, physicians and
surgeons, municipalities and specialty risks in the standard and
surplus lines markets.
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