|[August 22, 2014]
NFP Expands Employee Benefit Business with Acquisition of Benefit Resources, Inc.
NEW YORK --(Business Wire)--
NFP, a leading provider of benefits, property and casualty and life
insurance, and wealth management services, has acquired Benefit
Resources, Inc., a Cincinnati-based insurance consulting and brokerage
firm that has been a member of NFP's Benefits Partners organization since
2008. The transaction closed on July 31, 2014.
Founded in 1988, the firm specializes in group benefits, HR and benefit
compliance, benefit administration and individual insurance. The firm
will continue to be led by Tim Marcagi, Managing Director, who will
focus on strengthening the corporate benefits presence in the Midwest
region. This acquisition further expands NFP's Corporate Client Group
presence in the Midwest and enhances the firm's expertise in corporate
and executive benefits.
Commenting on today's announcement, Douglas W. Hammond, Chairman and
Chief Executive Officer of NFP, said, "Benefit Resources reflects our
commitment to seek companies that mirror our client-driven philosophy
and that provide the highest-quality benefit solutions. Te high-quality
firm has deep expertise that will continue our growth in employee
benefits and corporate services."
Also commenting on today's announcement is Ed O'Malley, President of
NFP's Corporate Client Group, "Benefit Resources brings over two decades
of employee benefits and HR expertise to our team, further strengthening
NFP's ability to provide superior services to our business clients. We
are excited to welcome the Benefit Resources team to the NFP family and
look forward to leveraging their significant track record of success."
National Financial Partners Corp. (NFP), through its benefits, property
and casualty and life insurance, and wealth management businesses,
provides diversified advisory and brokerage services to companies and
high net worth individuals.
NFP operates in three business segments. The Corporate Client Group
provides corporate and executive benefits, property and casualty
insurance, and retirement plans. The Individual Client Group provides
retail and wholesale life insurance brokerage and wealth management
advisory services. Advisor Services supports independent financial
advisors by offering broker/dealer and asset management products and
Most recently, NFP was ranked by Business Insurance as the fifth-largest
benefits broker by global revenue, fourth-largest U.S.-based privately
owned broker and 11th-largest Largest Broker of U.S.
Business. Plan Sponsor has named NFP the fifth-largest executive
benefits provider of nonqualified deferred compensation plans by number
of plans. The company also operates a top 10 independent broker/dealer
as ranked by WealthManagement.com.
For more information, visit www.nfp.com.
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