NFP Acquires Schwartz Brothers Insurance Strengthens NFP's P&C Presence in Illinois
NEW YORK, April 21, 2014 /PRNewswire/ -- NFP, a leading provider of insurance and wealth management services, today announced that it has acquired Schwartz Brothers Insurance Agency, L.L.C. and the corporate benefits business of Schwartz Benefit Services, Inc. (together with affiliated entities, the Schwartz Brothers Companies). The transaction closed on April 18, 2014.
Founded in 1919, the Schwartz Brothers Companies, located in Chicago, have a strong track record of combining years of experience with innovative management strategies to provide customized risk management, insurance and corporate benefit solutions. Managing members Donald Zimelis, J. Spencer Miller and Howard Sharfman will focus on strengthening NFP's property and casualty and corporate benefits business in the Midwest region.
Commenting on today's announcement, Douglas W. Hammond, Chairman and Chief Executive Officer of NFP, said, "We are pleased to further our relationship with the Schwartz Brothers Companies with whom we have partnered for more than a decade. This transaction helps advance our stated goal of enhancing our sales and servicing capabilities in commercial and personal property and casualty lines as well as with adding scale to our benefits presence in the Midwest region."
Also commenting on today's announcement, Howard Sharfman, President of Schwartz Benefit Services, Inc., said, "We are thrilled to join NFP and expand upon our long relationship. We look forward to working together to integrate our organization into the NFP national platform. This partnership will provide increased opportunities for our clients, producers and staff, and, together with the NFP team, we are confident about our future success."
National Financial Partners Corp. (NFP) and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering to help preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP's national scale and resources. 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 includes retail and wholesale life insurance brokerage and wealth management advisory services. The Advisor Services Group serves independent financial advisors by offering broker/dealer and asset management products and services. Most recently NFP was ranked in the top 10 on Business Insurance's 100 Largest Brokers of U.S. Business and Best's Review's Top Global Insurance Broker lists; second on Business Insurance's Largest Agents and Brokers Headquartered in the U.S. Northeast; it operates the fifth-largest executive benefits provider of nonqualified deferred compensation plans by total clients, as ranked by PlanSponsor; and operates a top 10 independent broker/dealer as ranked by InvestmentAdvisor. NFP is also a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.
NFP Advisor Services Group is a business segment of NFP that includes NFP subsidiaries NFP Securities, Inc., member FINRA/SIPC, and NFP IndeSuite, Inc.