The consolidation of FinArch and NFP Life Solutions businesses will expand access to life insurance solutions and expertise for NFP customers
US-based insurance broker and consultant NFP has consolidated its life insurance subsidiary Financial Architects Partners (FinArch) with NFP Life Solutions.
As part of the consolidation, David Carroll, David Freeley and Jeff Ostrum will be appointed as managing directors for NFP and John Gilmartin as a senior vice president of operations.
The newly appointed management will report to NFP individual solutions head and NFP Life Solutions president Mike James.
James said: “We are excited to continue our relationship with FinArch as we deliver innovative life insurance solutions to our clients.
“The entire FinArch team brings expertise, market access and a focus on aligning client goals with specialised life insurance solutions. We look forward to continuing our collaboration, expanding our capabilities and relationships, and introducing solutions to clients across our business.”
Boston-based FinArch is focused on evaluating, building and actively managing large life insurance portfolios for the wealthy, and has offices in New York, Los Angeles, Palm Beach, Palo Alto and Providence.
The company is a member of NFP’s life insurance membership platform PartnersFinancial for more than 15 years. With the addition, FinArch is expected to further complement NFP’s life insurance expertise and capabilities.
FinArch advises on more than $20bn of life insurance for the 425 families, and serve as a specialised resource to top tax, investment and legal advisors, and family offices that require expert life insurance planning advisor for clients.
Carroll said: “NFP has been a critical element of our success for many years and this next step in our relationship ensures we will continue to grow and serve clients together.
“NFP’s business is increasingly diverse and we see tremendous opportunity in working across the business to introduce our differentiation, share our expertise to help clients navigate complexity, and build new relationships defined by value and results.”
NFP is a provider of specialised property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates.
The company has more than 5,700 employees working around the world, along with investments in advanced technologies, relationships with high rated insurers, vendors, and financial institutions.