National Financial Partners (NFP) has acquired Lane McVicker (LMV), a provider of personal lines and property & casualty insurance to high net worth individuals.
As per the terms of the acquisition, NFP Property & Casualty Services (NFP P&C) will operate LMV to establish a national platform for private clients.
NFP president and chief operating officer Douglas Hammond said that the transaction will strengthen its property and casualty business, while enhancing capabilities to serve its initiative nationwide.
LMV president and chief executive officer Keith McVicker will serve as a consultant to NFP P&C, whereas four other employee-owners, Michael Carmody, Amy Ciasulli, Gilbert Lai and Brett Woodward, will become senior vice presidents.
All the above will report to Terrence Scali, chief executive officer of NFP P&C, and lead its high net worth personal lines division.
With annualized revenue of approximately $8m, New York based LMV was founded in 1999 and currently offers personal lines property & casualty solutions to individuals, family offices and financial advisors through its nine offices.