National Financial Partners Corp. (NFP) – a company that was once a voracious buyer of life insurance and wealth management firms – has acquired a property-casualty (p-c) insurance brokerage firm.
The p-c firm, Lapre Scali & Company Insurance Services L.L.C., Scottsdale, Ariz., will become part of NFP Property and Casualty Services Inc., according to NFP, New York (NYSE:NFP),
Lapre Scali was founded in 2006. The firm now has about $21 million in annual revenue and is licensed to operate throughout the United States.
The price of the deal was not immediately available, but Terrence Scali, chief executive officer (CEP) of Lapre Scali, will become CEO of the NFP P&C business, NFP says.
NFP is a financial services distribution company; organizers built it by completing a long series of acquisitions that ended around the time the recent financial crisis started.
NFP’s existing p-c operations will continue to be part of the corporate client group, under the NFP P&C brand, NFP says.
NFP Chairman Jessica Bibliowicz says in a statement that NFP plans to “continue to diversify our product and service offerings, particularly in p-c, and increase our recurring revenue.”
- Allison Bell
Other NFP coverage from National Underwriter Life & Health:
- Earnings: MetLife, Prudential, AIG, Hartford, Principal, Genworth, Protective, FBL, American Equity, Phoenix, Primerica, Unum, CNO, CIGNA, Humana, Coventry, Centene, Health Net, Triple-S, NFP, Brown
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