NFP has acquired Sherman Insurance Agency, an insurer specializing in trucking, commercial, personal and benefits insurance solutions.
Financial terms of the deal were undisclosed. The transaction enhances NFP's transportation and logistics practice and expands its footpring in the Upper Midwest.
Based in South St. Paul, Minnesota, Sherman is expected to bring extensive expertise in transportation risk, a sector that has remained a focus for brokers and carriers amid supply-chain disruptions, capacity constraints, and regulatory pressures.
As part of the transaction, Sherman leaders John Glieden, Kyle King and Peter Lobe will join NFP as senior vice presidents, while Jennifer Carter will join as vice president.
The acquisition underscores the continued importance of transportation lines within P&C brokerage growth strategies.
The trucking sector has faced persistent underwriting challenges, including elevated loss costs driven by rising repair expenses, driver shortages and regulatory complexity - factors that have pressured rates and capacity availability in recent cycles.
According to industry data, national truck insurance rate changes remain elevated compared with pre-pandemic levels, reflecting ongoing volatility in loss trends and inflationary pressures.
“We're excited to welcome the Sherman team to NFP as we expand our risk management footprint across Minnesota and the Upper Midwest,” said Mike Schneider, president of NFP's Central region. “Sherman brings a well-established, multidisciplinary brokerage with deep expertise in trucking insurance. We look forward to integrating these capabilities into our transportation and logistics specialty group as we support clients nationwide.”
The acquisition aligns with NFP's broader strategy of expanding specialist practices and regional capabilities.
In recent years, brokers have increasingly sought to build scale in niche sectors, such as transportation, construction and healthcare, where risk complexity and service demands remain high. NFP’s approach reflects broader market consolidation trends as firms aim to broaden service offerings, enhance technology deployment, and deepen client relationships.
Healthcare costs, litigation trends, and rising severity of large-loss claims have also driven demand for bespoke risk solutions in the transportation space. Brokers like NFP have responded by integrating analytics, loss control, and compliance advisory services to help clients mitigate exposures and manage total cost of risk.
By adding Sherman’s transportation and logistics expertise, NFP aims to provide a more comprehensive suite of services to both regional operators and national accounts. The deal reflects the market emphasis on combining brokerage scale with sector-specific knowledge, a combination increasingly critical in competitive renewals and client retention.
