NFP, a portfolio company of Madison Dearborn Partners, has acquired Foster Park Brokers, an Edmonton-based insurance brokerage operating in Western Canada. No financial terms were disclosed. Based in New York, NFP is an insurance broker and consulting business.
NEW YORK, Nov. 9, 2021 /PRNewswire/ — NFP, a leading insurance broker and consultant that provides business and personal insurance, group benefits, retirement, and individual solutions today announced its acquisition of Foster Park Brokers Inc. (Foster Park). The transaction closed on November 1, 2021.
With the addition of Foster Park, one of Western Canada’s largest independent insurance brokerages, NFP is adhering to its strategic plan of building a unified national platform that provides superior expertise and advice to clients and reinforcing our people first culture for all employees. Foster Park has 135 employees in four offices (Edmonton, Calgary and Grande Prairie, Alberta, and Langley, British Columbia) who provide expertise and solutions in commercial and individual P&C insurance, life and group benefits, private client services, and bonding and surety to clients across Western Canada.
Foster Park’s highly respected and strong leadership team will play an active role in the integration and growth of the business, collaborating with NFP leaders across Canada to cultivate new client relationships and identify additional growth opportunities. Mark Wiens will serve as managing director of Commercial Lines for NFP in Canada’s Western region, reporting to John Haas, president, NFP in Canada. Executive Partners Andre Charrois, Steven Whitehouse, Roger Roebuck, Denise Theberge, Hugh Watt, along with all other shareholders and employees of Foster Park will join NFP.
“We’re excited to welcome Mark and the entire Foster Park team to NFP,” said Haas. “We’ve been working to identify the right partner to expand into Western Canada and we’ve found that partner in Foster Park. Their excellent reputation, relationships and results across the region will accelerate our growth across Canada. In addition, Foster Park’s significant investments in industry-leading proprietary technology platforms that support long-term customer relationships will bring additional value to NFP’s clients in Canada.”
“We are elated to join NFP and work with such a talented team of industry leaders,” said Wiens. “This transaction will bring immense value to our existing clients and future opportunities. Accessing new resources — products, services, expertise — will allow our staff to continue to be in a position of providing industry leading solutions and service. We’re also looking forward to contributing to a culture that values people and proactively creates opportunities for them to grow and thrive.”
Sequeira Partners served as exclusive financial advisor, and DLA Piper (Canada) LLP and Bryan & Company LLP acted as legal counsel, to Foster Park and its affiliates.
Dentons served as legal counsel to NFP.
NFP is a leading insurance broker and consultant providing specialized business and personal insurance, group benefits, retirement and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 800 employees based in Canada, more than 6,000 employees globally, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 5th largest benefits broker by global revenue (Business Insurance), 10th largest property and casualty agency (Insurance Journal) and 13th largest global insurance broker (Best’s Review).