Chicago-based brokerage Near North National Group announced today that 2002 revenue increased 11 percent to over $120 million.
In addition to the excellent performance of the brokerage operations, several other Near North entities have experienced strong increases in 2002, including THB Intermediaries (facultative reinsurance brokers), Settlement Planning Associates (structured settlement services) and International Film Guarantors (completion bonding for the film industry).
On Feb. 6, Near North entered into a letter of intent to sell the company’s insurance brokerage operations to Frontenac Co., a private equity investment firm also based in Chicago. Near North began initial discussions with Frontenac as part of its long-term vision of forming a strategic partnership to expand the company and its services. The relationship with Frontenac will build upon Near North’s strategic alliance with Allianz and AIG Group.
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