Near North Sells West Coast Operation
By Mark E. Ruquet
NU Online News Service, Jan. 14, 2:40 p.m EST?Embattled Near North Insurance Group has divested itself of another portion of the firm with the sale of Near North Insurance Brokerage of California Inc. to Campbell & Associates.[@@]
In a statement, Campbell said Penni Campbell, president of the firm, will manage the new companies, Campbell & Associates Insurance Brokerage, LLC, and Campbell & Associates Entertainment Insurance Services LLC.
The firm, based in Century City, Calif., has offices in Las Vegas and Chicago.
Campbell said it plans to double in size within the next two years.
Terms of the transaction were not disclosed.
Near North has been selling off various parts of its firm ever since its head, Michael Segal, was indicted for looting the firm's premium trust account of about $20 million.
In August of last year, Hub International terminated negotiations to acquire the firm. Previous to that, Frontenac Company LLC had sought to make a purchase, but that deal fell through. A few days later Mesiro Financial of Chicago "assumed" some of the firm's accounts. Details of that transaction were not made public.
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