The acquisition of Elective Benefit is said to expand the group benefits and retirement capabilities for NFP in Canada
US insurance broker NFP disclosed that it has acquired Canadian group benefits and retirement planning specialist Elective Benefit Services for an undisclosed price.
Elective Benefit, which is based in Waterloo, Ontario, has been operating since 1991. The company offers consultation, financial planning, and administration support to its clients.
Some of the services of the Canadian company include fully insured plans, administrative services only (ASO), health spending accounts (HSA), employee assistance plans (EAP), pension, registered retirement savings plan (RRSP), deferred profit sharing plan (DPSP), and retirement counselling.
Elective Benefit president comments on joining NFP
Elective Benefit president Harold McAdam said: “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.
“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.”
Harold McAdam has joined as director of NFP in Canada.
NFP said that Elective Benefit’s specialisation in group retirement planning and group benefits aligns well with its focus on growing and diversifying its benefits business in Canada.
NFP in Canada president Greg Padovani said: “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.”
In Canada, NFP offers group benefits, group retirement, and commercial insurance solutions. The company claims to be among the top 10 Canadian brokerages.
Operating in the country since 2008, the insurance broker has grown its workforce in Canada to 750 employees, while earning over CAD140m ($108m) of revenue annually.
The US insurance broker provides customised property and casualty, corporate benefits, retirement, and individual solutions, through its licensed subsidiaries and affiliates.
In November 2019, the company announced the acquisition of The DeChristopher Group, based in Vienna, Virginia. DeChristopher, which offers benefits packages for small and mid-market employers, is expected to expand group benefits offerings of NFP in the mid-Atlantic market.