NEW YORK--(BUSINESS WIRE)--Canadian-based Group Force Benefits, Inc. (Group Force) has been acquired by NFP, designated the fifth largest global benefits broker by Business Insurance. The transaction closed on Nov. 10, 2015.
Founded in 2011, Group Force is a group managing general agent that acts as an intermediary between brokers and insurers to create group benefits solutions and back-office efficiencies for insurance brokers. The team works with advisors and insurance specialists to provide a range of group insurance and benefits services. The firm’s leadership, Carlo Ravenna, Vince Camarda and Michel de Paiva, will continue to lead the business reporting directly to Marty Shaw, Managing Director, Canada.
Commenting on the news, Shaw said, “NFP is committed to finding knowledgeable and well-connected firms that bolster our capabilities and improve efficiencies for brokers. Our acquisition of Group Force and its impressive management team enhances our existing infrastructure and opens doors for future Canadian-based acquisitions.”
NFP is a leading insurance and benefits broker with international capabilities in North America and the United Kingdom. Its licensed subsidiaries help employers of all sizes design robust and comprehensive benefits packages, while providing compliance and administrative resources and analytical tools. The firm has Canadian offices in Toronto and Burlington, ON, and the acquisition will provide additional resources in Ontario and Montreal, QC.
“As we look to the future of our organization, we searched for a partner with scale that could provide our brokers with enhanced services and attractive succession opportunities,” Ravenna, Camarda and de Paiva said in a joint statement. “NFP strengthens our offerings on all fronts, and we are excited to join their team.”
Shaw added, “Carlo, Vince and Michel bring unique expertise to our team, and we look forward to leveraging their experience and skills throughout NFP. We are pleased to welcome Group Force to the NFP family.”
At NFP Corp., our solutions and expertise are matched only by our personal commitment to each client's goals. We’re a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement, and individual insurance and wealth management solutions through our licensed subsidiaries and affiliates. Our registered investment advisers and broker-dealers empower independent financial advisors with integrated technology, subject matter expertise and a suite of customized services.
NFP has more than 3,600 employees and global capabilities. Our expansive reach gives us access to highly rated insurers, vendors and financial institutions in the industry, while our locally based employees tailor each solution to meet our clients' needs. We’ve become one of the largest insurance brokerage, consulting and wealth management firms by building enduring relationships with our clients and helping them realize their goals.
Recently NFP was ranked by Business Insurance as the 5th largest global benefits broker by revenue, the 4th largest US-based privately owned broker and the 11th largest broker of US business. In addition, PlanSponsor named us the 5th largest executive benefits provider of nonqualified deferred compensation by number of plans, and we were ranked 11th in personal lines P&C revenue by Insurance Journal. Our independent broker-dealer ranked 10th in annual revenue by Investment Advisor, and Rep ranked it the 6th highest in advisor production by assets under management.
For more information, visit www.nfp.com.