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Business Observer Tuesday, Nov. 8, 2016 3 years ago

Firm that protects the wealthy's stuff covets Florida

Nebco Insurance Services recently opened an office in Naples.

Nebco Insurance Services, which caters to high-net-worth individuals, has opened an office in Naples — the first location for the firm outside its Greenwich, Conn. headquarters.

The office is at 400 Fifth Ave. S., Suite 302. Nebco specializes in providing customized insurance plans that protect primary and secondary residences, yachts, luxury automobiles and private collections of art and jewelry, according to a statement. The agency also provides business insurance for clients' privately held businesses and to professionals who cater to affluent families, including law firms, accountants and private-wealth managers, the release adds.

“Our business plan is to expand our geographic footprint and enter into new communities across the country in the course of the next five years,” Nebco CEO John Paolini says in the statement. “Naples represents the first office in that effort.”

Customers have driven the expansion into Florida by purchasing second homes or re-domiciling out of high-income-tax states, the company says. “Approximately 20% of our clients maintain residences in Florida and we're seeing that number grow,” says Paolini.

Nebco, founded in 1979, is licensed in all 50 states and has 1,800 clients. Greenwich-based Stone Point, a private-equity firm, bought Nebco in January 2013.

Paolini, a veteran of the insurance business and a Naples resident, joined Nebco as CEO earlier this year. Paolini has held senior executive positions with specialty insurance agencies and companies over the last 24 years.

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