Near North Insurance Brokerage

Near North Insurance Brokerage (NNIB) is ranked among the nation's largest independent, privately held insurance brokerages. NNIB specializes in commercial insurance areas, including association/affinity, entertainment, employee benefits, financial risk management, global operations, health care, international trade and logistics, public sector, and real estate. Near North owner Michael Segal stepped down as CEO in early February, 2002 after federal prosecutors accused him of mail and insurance fraud in connection with a $20 million fund maintained by NNIB. After Segal's conviction, Near North was fined $1.4 million, and Segal personally was ordered to return $30 million in restitution to replace an estimated $35 million the he embezzled from various clients, including the Chicago Transit Authority. Near North has what Mr. Segal described as "an independent broker association" with John Daley, chairman of the Cook County Board Finance Committee and brother of Mayor Richard M. Daley. The firm received over $4,367,800 in state contracts since 1998. In August 2003, after Chicago based Hub International terminated negations to purchase the assets of the company, Near North Insurance agreed to transfer the client accounts of its Chicago office to Chicago based Mesirow Financial, along with 100 employees.

From 1993 to 2001, Near North Insurance Brokerage gave $215,455 to candidates for Illinois statewide constitutional and legislative office, 65% of which was contributed to Republicans.

Last revised June 2011.