NEW YORK--(BUSINESS WIRE)--NFP, a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement, and individual insurance and wealth management solutions, has expanded its employee benefits offerings with the acquisition of EBS/Foran Insurance and Advisory Services, Inc. (Foran Insurance). The transaction was effective as of November 6, 2014.
The Massachusetts-based firm, with locations in Dennis and Northborough, specializes in designing health and welfare benefit plans for employers. President, John “Jay” Foran will remain with the firm, working as a Director as part of the Northeast Region for NFP.
Commenting on today’s announcement, Douglas W. Hammond, Chairman and Chief Executive Officer of NFP, said, “We are excited to continue the expansion of our Northeast footprint with the acquisition of Foran Insurance. The Foran Insurance team has established a solid business throughout the New England region, which will perfectly complement the strength of our Boston capabilities. We are happy to welcome the Foran Insurance team to our NFP family and look forward to working with them.”
Also commenting on today’s news is Bill Austin, NFP’s Northeast Regional Managing Director, who said, “Foran Insurance has more than 25 years of industry experience and brings a proven track record of growth throughout their firm’s history. The firm has a significant record of client retention within the Massachusetts region, and their focus on municipality health and welfare programs will support NFP’s larger retirement and employee benefit expertise.”
Foran also commented: “We are extremely excited about joining NFP. With its notable industry standing, NFP provides extensive expertise, support and innovative programs, all of which are critical to ensuring our clients remain on the cutting edge in today's challenging employee benefits environment.”
National Financial Partners Corp. (NFP), along with its benefits, property & 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 Group supports independent financial advisors by offering broker/dealer and asset management products and services.
Most recently, NFP was ranked by Business Insurance as the 5th-largest benefits broker by global revenue, 4th-largest U.S.-based privately owned broker and 11th-largest Broker of U.S. Business. PlanSponsor has named NFP the 5th-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.