National Financial Partners (NFP), a US-based insurance and wealth management services provider, has acquired independent agency Insurance West (IWC) for an undisclosed amount.
IWC, which is a P&C insurance provider in the entertainment industry, will be integrated into NFP Property & Casualty Services, a development which will strengthen NFP’s west coast presence as it seeks to expand its P&C business.
Established in 1947, IWC is owned by IWC president Robert Sulzinger since 2005 and is mainly focused on core commercial lines across the manufacturing, transportation, construction and entertainment industries.
Sulzinger said: "Our new partnership will provide increased opportunities for our clients, producers and staff, and together with the NFP team, we are confident that IWC is poised for future success."
NFP chairman and CEO Douglas Hammond said: "As we continue to focus on strengthening our P&C business, this transaction diversifies our revenue base and enables NFP to more effectively compete in the national marketplace with an enhanced offering of differentiated products and solutions for new and existing clients."
The US-based firm provides diversified advisory and brokerage services to companies and the company operates in three business segments, namely the Corporate Client Group, the Individual Client Group and the Advisor Services Group.