NFP Acquires Insurance West Corporation

NEW YORK, Sept. 9, 2013 /PRNewswire/ -- NFP, a leading provider of benefits, insurance and wealth management services, today announced that it has acquired Insurance West Corporation (IWC), an independent insurance agency located in Simi Valley, California, and one of the largest providers of P&C insurance in the entertainment industry. IWC will be fully integrated into NFP Property & Casualty Services, Inc. (NFP P&C), enhancing NFP's west coast presence as the company continues to strategically build out its P&C business. The transaction closed on September 4, 2013.

IWC was founded in 1947 and has been owned by President Robert Sulzinger since 2005. IWC has a strong track record of providing personal, commercial and financial coverage, with a majority of its business focused on core commercial lines across the manufacturing, transportation, construction and entertainment industries including the Spectra Program, a highly specialized entertainment solution that covers cameras, sound equipment, post-production, catering and other coverage unique to this industry. Mr. Sulzinger will be focused on the entertainment insurance division of IWC and will report to Paul Saich, Regional President of California for NFP P&C.

Commenting on today's announcement, Douglas W. Hammond, Chairman and Chief Executive Officer of NFP, said, "We are pleased to welcome Bob and his team at IWC to the NFP family. As we continue to focus on strengthening our P&C business, this transaction diversifies our revenue base and enables NFP to more effectively compete in the national marketplace with an enhanced offering of differentiated products and solutions for new and existing clients."

Also commenting on today's announcement, Terrence M. Scali, chief executive officer of NFP P&C, said, "The transaction with IWC expands our national footprint in the P&C space and adds a deep bench of talent from IWC.  We look forward to working with IWC to strengthen our offerings, particularly in Southern California."

In addition, Mr. Sulzinger said, "We are thrilled to join NFP, and look forward to working together to integrate our organization into NFP's national platform. Our new partnership will provide increased opportunities for our clients, producers and staff, and together with the NFP team, we are confident that IWC is poised for future success."

ABOUT NFP

National Financial Partners (NFP) and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering with them to 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, retirement plans and property and casualty insurance. 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 Top Global Insurance Broker lists; second on Business Insurance's Largest Agents and Brokers Headquartered in the U.S. Northeast; it operates the third largest executive benefits provider of nonqualified deferred compensation plans by total clients as ranked by PlanSponsor; operates a top 10 independent broker/dealer as ranked by Investment Advisor; and has three advisors ranked in Barron's Top 100 Independent Financial Advisors. NFP is also a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.

SOURCE NFP