Expansive broker NFP has bolstered its management liability ranks with the hires of Matt Schott and Kevin Smith from Willis Towers Watson (WTW), The Insurer can reveal.
Sources told this publication that Schott and Smith resigned from WTW earlier this week, with the duo set to join NFP later this month once they have honoured their contractual agreements.
New Jersey-based Schott will join NFP as managing director and co-leader of the broker’s management liability practice, sources told this publication.
Currently an executive vice president within WTW’s financial and executive practice, Schott specialises in the design, placement, consulting and servicing of directors’ and officers’ liability, employment practices liability, fiduciary liability and crime insurance programs for publicly traded companies in a variety of industries.
He will work alongside NFP’s other management liability co-head Thomas Sheffield.
According to Schott’s LinkedIn profile, he has more than 20 years of experience in commercial management liability lines. He also has “extensive” experience of handling Fortune 1000 accounts.
When Smith moves to NFP, he will be appointed senior vice president within the company’s management liability practice, and will focus on real estate and other large complex risk accounts, sources said.
Smith has been with WTW for more than five years, and most recently served as head of the southeast region for its financial and executive practice.
Before joining WTW in 2016, Smith spent close to eight years with Ace, according to his LinkedIn profile.
The hires are the latest in what is an increasingly well-trodden path from WTW to NFP, all of which are taking place ahead of the former firm’s imminent acquisition by Aon.
As The Insurer highlighted on Tuesday, NFP has recruited at least 11 former WTW staff to its growing Canadian platform in recent months. And in October last year, the broker brought in Tracy Stopford from WTW as senior vice president, managing director and co-lead of its Risk & Insurance Strategy Collective unit in the US.