NFP, a provider of property and casualty corporate benefits, has acquired Waterloo, Ontario-based Elective Benefit Services. No financial terms were disclosed. Elective Benefit specializes in group benefits and retirement planning. NFP is a portfolio company of Madison Dearborn Partners.
NEW YORK, Jan. 6, 2020 /CNW/ — NFP, a leading insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement, and individual solutions, today announced the acquisition of Elective Benefit Services, Inc. (Elective Benefit) in a transaction that closed on June 12, 2019.
Elective Benefit, based in Waterloo, Ontario, specializes in group benefits and retirement planning. The firm has more than two decades of experience providing consultation, financial planning and administration support to their clients. Their expertise in group benefits and group retirement planning aligns well with NFP’s focus on expanding and diversifying its benefits business in Canada. Harold McAdam, president of Elective Benefit, has joined NFP in Canada as director, reporting to Dean Howard, managing director, benefits and retirement for NFP in Canada.
“Harold brings nearly 30 years of experience in the retirement and benefits space, managing specialized group plans for a range of organizations. We are thrilled to welcome Harold and his team of well-respected, high-performing producers to NFP,” said Greg Padovani, president of NFP in Canada.
“NFP continues to invest in benefits offerings and demonstrate a commitment to delivering best-in-class solutions and services. This aligns perfectly with the values and philosophy we have put into practice for decades,” said McAdam. “We’re excited to be part of NFP, contribute to NFP’s tremendous growth in Canada, and access resources that allow us to elevate the exceptional group retirement planning and consultative services our clients value.”
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,600 global employees, 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, 6th largest US-based privately owned broker, and 8th best place to work in insurance (Business Insurance); 10th largest property and casualty agency (Insurance Journal); and 13th largest global insurance broker (Best’s Review).
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