NFP Corp has acquired PBL Insurance Ltd, a Windsor, Ontario-based provider of property and casualty and employee benefits services.
No financial terms were released for the deal, which closed last month.
PBL President and CEO Michael Robinson will join NFP as a managing director with a focus on commercial lines.
NFP, a New York-based insurance broker and consulting business, said the acquisition furthers its Canadian expansion. In December, the company bought Mass Insurance Brokers Ltd and Easyway Insurance Brokers Inc.
NFP was acquired in 2013 by U.S. private equity firm Madison Dearborn Partners for about US$1.3 billion.
NFP Acquires PBL Insurance Limited, Leading Independent Insurance Broker in Ontario
NFP continues expansion in Canada, enhancing insurance and benefits offerings
NEW YORK – March 5, 2019 – NFP, a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement, and individual private client solutions, today announced that it has acquired PBL Insurance Limited (PBL). The transaction closed on Feb. 4, 2019.
PBL provides a range of property and casualty and employee benefits services across the Ontario market. Headquartered in Windsor, PBL operates nine additional offices throughout Ontario. Collectively, their commercial coverage is well diversified, with specializations in garage and towing, construction, hospitality, forestry, mining, and transportation.
This acquisition enables NFP to gain access to the wider Canadian market through a top-rated independent insurance broker with a legacy of 100 years of experience. PBL President and CEO Michael Robinson will maintain a leadership role in transitioning to NFP, becoming a managing director with a core focus on commercial lines. Robinson, who brings more than 28 years of experience in commercial insurance and brokerage management, will report to Marty Shaw, president of NFP in Canada. PBL Chief Operating Officer Mandeep Singh will join NFP as senior vice president of commercial lines.
“The Canadian market is an important target of growth for NFP,” Doug Hammond, chairman and CEO of NFP. “The acquisition of PBL represents our commitment to expanding our insurance and benefits offerings to a wider audience.”
“We’re thrilled to welcome the extensive expertise, successful achievements and dedicated service of Michael and his team to NFP,” said Shaw. “PBL’s longstanding presence in Ontario has shaped some of the most innovative, client-focused offerings in the Canadian insurance market today. NFP is eager to integrate PBL’s outstanding salesforce into the family to continue developing business opportunities across all industries.”
“The choice to join NFP, effectively expanding the insurance and benefits capabilities available to clients, was an easy one,” said Robinson. “We are excited for our teams to begin working together and to integrate our resources to continue providing tailored solutions for clients with a multitude of needs.”
NFP is a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement, and individual private client solutions through our licensed subsidiaries and affiliates. Our expertise is matched by our commitment to each client’s goals and is enhanced by our investments in innovative technologies in the insurance brokerage and consulting space.
NFP has more than 4,700 employees and global capabilities. Our expansive reach gives us access to highly rated insurers, vendors and financial institutions in the industry, while our locally based employees tailor each solution to meet our clients’ needs. We’ve become one of the largest insurance brokerage, consulting and wealth management firms by building enduring relationships with our clients and helping them realize their goals.
Recently NFP was named the 2nd largest retirement plan aggregator firm, as ranked by Investment News; the 5th largest US-based privately owned broker, the 5th best place to work in insurance and the 6th largest benefits broker by global revenue by Business Insurance; the 9th largest property and casualty agency by total 2016 P&C revenue and the 9th largest commercial lines agency by total 2016 P&C and commercial lines revenue by Insurance Journal; the 10th largest employee benefits broker by Employee Benefit Adviser; the 11th largest broker of US business by Business Insurance; and the 12th largest global insurance broker by Best’s Review.
For more information, visit NFP.com.