Flipping excellent family group of sharks? (5)

I believe the answer is:

mafia

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'group of sharks?' is the definition.
'mafia' can be an answer for 'group' (I have seen 'Criminal group ' mean 'mafia' so perhaps 'group' could also mean 'mafia'). I am not certain of the 'of sharks?' bit.

'flipping excellent family' is the wordplay.
'flipping' shows that the letters should be reversed in order.
'excellent' becomes 'ai' (resembles 'A1', old-fashioned term for excellent).
'family' becomes 'fam'.
'ai'+'fam'='aifam'
'aifam' in reverse letter order is 'MAFIA'.

Can you help me to learn more?

(Other definitions for mafia that I've seen before include "Sicilian one" , "connection claimed to 23 [JFK]" , "Gangsters" , "Criminal organisation also known as Cosa Nostra" , "International crime organisation originating in Sicily" .)

I've seen this clue in The Telegraph.

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