CBIZ Acquires Major Provider Of Inkeepers’ Insurance
CBIZ, Inc. (NYSE: CBZ) today announced that effective February 1, 2008, it has acquired substantially all the assets of NAIS, Inc., which provides innkeepers insurance programs marketed through James Wolf Insurance and Old Line Insurance. NAIS, Inc., located in Frederick, MD, is one of the largest providers of innkeepers’ insurance in the United States.
NAIS, Inc. was initially founded in 1972 as a general multi-lines insurance agency. In 1991, NAIS pioneered a niche insurance program custom designed for the innkeeper industry which successfully combines homeowner and commercial insurance. NAIS, Inc. recorded approximately $2.1 million in revenue over the past 12 months and has approximately 25 employees.
Steven L. Gerard, CBIZ Chairman and CEO, stated, “We are excited to welcome Scott Wolf and his talented team to CBIZ. Their expertise and nationally recognized programs in this fast-growing industry will be an excellent compliment to CBIZ’s insurance services. ”
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