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. 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 buy 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, 2005.
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