Universal Insurance Services, Inc. Merges With Gaines & Smith Financial Group

Jun 01, 2010, 16:30 ET from Universal Insurance Services, Inc.

DEERFIELD BEACH, Fla., June 1 /PRNewswire/ -- Universal Insurance Services of Florida, Inc. and Gaines & Smith Financial Group, Inc., along with its divisions, have merged into a single business. The combined business, Universal Insurance Services, continues to be a leader in the Brokerage General Agency and Financial Planning marketplaces.

Universal Insurance Services is a premier financial services business with true one-stop shopping for the broker-dealer, general agency, producer group and high-end agent. The company is supported by a top-tier wholesale distribution platform of life insurance, long-term care insurance (LTC), disability insurance (DI) and annuities.  The company provides national wholesale services to some of the biggest advisors, firms and institutions in the business. Universal Insurance Services is part of National Financial Partners Corp. (NYSE: NFP), a leading independent financial services distribution company.  

Mitchell K. Smith, one of the founders and managing partner of Gaines & Smith Financial Group, Inc., and now a Principal of Universal Insurance Services, stated: "We are excited about the future of this merger, with platforms in practice management, marketing and advanced sales, as well as cutting-edge technologies; we believe we will change the landscape of wholesale distribution."

"Universal Insurance Services now has all of the facets that make us a true partner to our clients," said Michael Sorensen, another Principal of Universal Insurance Services. "We feel there are very few companies that can offer such diverse tools at such a high level. Universal Insurance Services is extremely well-positioned for even greater growth in our marketplace and service to our clients."

"This move will assist us in accelerating the bringing of new options to our clients and offer even greater value to our partners," said Patrick Gaines, the third Principal of Universal Insurance Services and co-founder of Gaines & Smith Financial Group.  

Vicki Evans, President of NFP Life Brokerage, stated: "What we have done with these two great organizations is the true definition of synergy, and we could not be more excited about the overall potential for growth."

Recognized as one of the most creative and knowledgeable organizations in its space, Universal Insurance Services shares relationships with over 50 life insurance, annuity, DI and LTC carriers.  Maintaining positions on product advisory, underwriting, marketing and technology boards for some of the biggest carriers and distribution systems in the nation keeps Universal Insurance Services involved in all areas of its marketplace.

Universal Insurance Services will roll out a state-of-the-art website along with cutting-edge tools for its advisors and institutional clients over the next several months.

About Universal Insurance Services

Headquartered in Deerfield Beach and Boca Raton, FL, Universal Insurance Services operates throughout the United States along with its divisions, Elite Advisors Group, Private Advisors Suite, Advisors Architect and Gaines & Smith Financial Group.  Universal Insurance Services is a part of National Financial Partners Corp. (NYSE: NFP).  

Securities offered through Registered Representatives of NFP Securities, Inc., a Broker-Dealer and Member FINRA/SIPC.  Investment Advisory Services offered through Investment Advisory Representatives of NFP Securities, Inc., a Federally Registered Investment Adviser.

Universal Insurance Services is an affiliate of NFP Securities, Inc. Universal Insurance Services of Florida, Inc. and Gaines and Smith Financial Group, Inc., now operating as Universal Insurance Services, are subsidiaries of National Financial Partners Corp., the parent company of NFP Securities, Inc. The Elite Advisors Group and Gaines & Smith Financial Group, Inc. are divisions of Universal Insurance Services. Registered Representatives and Investment Advisor Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered. 

SOURCE Universal Insurance Services, Inc.