National Financial Partners (NFP), a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement, and individual insurance and wealth management solutions, has expanded its corporate benefits practice with the acquisition of Michelsen Benefits Group , or The Michelsen Group (TMG).
The transaction closed effective as of November 1, 2014.
The Charlotte, NC-based brokerage firm specializes in group benefits and has property and casualty insurance capabilities.
The Michelsen Group was established to provide best-in-class consulting services to large companies with respect to their group benefits and to help them adapt to the changing healthcare landscape.
The firm was founded in 2003 by father-son partners Jim and Sean Michelsen, both of whom will remain as senior management.
Commenting on today’s announcement, Douglas W. Hammond, Chairman and Chief Executive Officer of NFP, said, "The Michelsen Group is well respected in the Charlotte region, with a strong staff of experienced industry leaders. We are pleased to welcome Jim, Sean and the rest of their team to the NFP family."
Also commenting on today’s news is Will Byron, NFP’s Regional Managing Director, who said, "TMG’s consultative approach to group benefits complements NFP’s business strategy, working closely with firms to determine the best health plan approach for their company. Additionally, TMG’s property and casualty experience aligns with another core NFP business offering, so TMG is a natural fit."
NFP, along with its benefits, property & casualty and life insurance, and wealth management businesses, provides diversified advisory and brokerage services to companies and high net worth individuals.