Insurance broker NFP has acquired Benefit Administration Group, and HM Benefits, (collectively known as Benefit Administration Group) for an undisclosed price.
The transaction closed effective Nov. 1, 2018.
Benefit Administration Group offers employee benefit brokerage services to employers in Louisiana, with additional capabilities in the individual health insurance market and corporate outsourced HR solutions.
The acquisition allows NFP to establish a presence in New Orleans, a historically underrepresented area for the firm. Former principal Tom Daly will join NFP as a vice president, reporting to Ethan Foxman, president of the Mid-Atlantic region.
Foxman said: “This acquisition allows NFP to continue to extend its comprehensive benefits capabilities across the nation.
“We couldn’t be more thrilled to welcome Tom, a talented leader familiar with the needs of local Louisiana clients, to lead our growing team.”
Daly said: “We are delighted to be a part of the NFP family. We look forward to engaging in this mutually beneficial relationship, which provides us access to NFP’s existing network, and allows us to use our unique expertise to expand NFP’s employee benefits, individual health insurance and HR solutions to the greater New Orleans region.”
Source: Company Press Release