The recently acquired HMP will help NFP make further acquisitions in the country
US insurance broker NFP has unveiled its expansion plans to significantly scale its business operations in Ireland, which includes new acquisitions.
The company made its foray into the Irish insurance broker market last month through the acquisition of HMP Insurance & Pension Advisors, based in Dublin.
HMP Insurance & Pension Advisors, has completed its rebranding to NFP and is operating under the global broker network of its US parent.
The Irish firm is likely to double its workforce and grow its business considerably, as per NFP.
The US insurance broker expects the rebranding of the Irish business to more fully integrate it into the global broker network.
The rebranding for HMP Insurance & Pension Advisors will also help in tapping into NFP’s smart technology platforms besides gaining access to specialist expertise while continuing to be independent in the advice offered to clients.
HMP Insurance & Pension Advisors, which was established in 2006, caters to corporate and individual clients with pensions consultancy and private wealth management/insurance advisory services.
Following its acquisition by the US group, the Irish firm is expected to speed up its growth plans organically and also by making other strategic acquisitions in the domestic market.
HMP’s founders David Moore and Colm Power will continue to take the business forward in Ireland. The duo will report to Matt Pawley, who is the managing director of NFP’s UK & Ireland business.
Colm Power said: “It is very much our stated intention to support NFP in their growth strategy to build a greater presence and market share in Ireland and to follow their very successful US and international expansion model of targeted acquisitions.
“To that end, we will be proactively identifying further suitable acquisition targets in Ireland, particularly in the area of corporate commercial insurance, that will complement our business.”
Ireland to be a key market for NFP to address the Brexit impact
According to Matt Pawley, NFP’s investment in Ireland is important strategically in its plan to address the impact that Brexit will have on its clients and its ability to serve them.
Furthermore, Pawley said that Ireland is well-positioned to become a European hub for the US insurance broker as it looks to grow into new geographic regions.
NFP CEO Doug Hammond said: “Integrating our acquisitions in the UK and Ireland gives us momentum as we pursue the tremendous opportunities we see in the region.
“With 120 employees in Europe, focused leadership from Matt, David and Colm, and their colleagues, and an unwavering commitment to delivering value to clients, we will build from our success and continue our growth in ways that distinguish us in the market.”