CORE INSURANCE
NFP | November 09, 2021
NFP, a leading insurance broker and consultant that provides business and personal insurance, group benefits, retirement, and individual solutions today announced its acquisition of Foster Park Brokers Inc. (Foster Park). The transaction closed on November 1, 2021.
With the addition of Foster Park, one of Western Canada's largest independent insurance brokerages, NFP is adhering to its strategic plan of building a unified national platform that provides superior expertise and advice to clients and reinforcing our people first culture for all employees. Foster Park has 135 employees in four offices (Edmonton, Calgary and Grande Prairie, Alberta, and Langley, British Columbia) who provide expertise and solutions in commercial and individual P&C insurance, life and group benefits, private client services, and bonding and surety to clients across Western Canada.
Foster Park's highly respected and strong leadership team will play an active role in the integration and growth of the business, collaborating with NFP leaders across Canada to cultivate new client relationships and identify additional growth opportunities. Mark Wiens will serve as managing director of Commercial Lines for NFP in Canada's Western region, reporting to John Haas, president, NFP in Canada. Executive Partners Andre Charrois, Steven Whitehouse, Roger Roebuck, Denise Theberge, Hugh Watt, along with all other shareholders and employees of Foster Park will join NFP.
We are elated to join NFP and work with such a talented team of industry leaders. This transaction will bring immense value to our existing clients and future opportunities. Accessing new resources products, services, expertise will allow our staff to continue to be in a position of providing industry leading solutions and service. We're also looking forward to contributing to a culture that values people and proactively creates opportunities for them to grow and thrive.
- Mark Wiens
Sequeira Partners served as exclusive financial advisor, and DLA Piper (Canada) LLP and Bryan & Company LLP acted as legal counsel, to Foster Park and its affiliates. Dentons served as legal counsel to NFP.
About NFP
NFP is a leading insurance broker and consultant providing specialized business and personal insurance, group benefits, retirement and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 800 employees based in Canada, more than 6,000 employees globally, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 5th largest benefits broker by global revenue (Business Insurance), 10th largest property and casualty agency (Insurance Journal) and 13th largest global insurance broker (Best's Review).
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CORE INSURANCE
Newfront | July 16, 2021
Newfront Insurance, a cutting-edge technology-enabled brokerage, and ABD Insurance and Financial Services, a renowned pioneer in employee benefits, insurance, and financial services, have agreed to merge, revolutionizing the insurance experience for customers and insurance professionals alike. The merged firm, known as Newfront, is valued at $1.35 billion and is scheduled to complete by the end of August.
The merger of these two market leaders will create 600 jobs, service over 10,000 customers, and place more than $2 billion in premiums each year. In addition, the new business, Newfront, will offer clients a more transparent, data-driven, and real-time experience, resulting in a reduced total cost of risk and better insights for our clients.
Spike Lipkin as CEO, Kurt de Grosz as Executive Chairman, Brian Hetherington as President, and Gordon Wintrob as CTO will continue to lead Newfront from its San Francisco headquarters. To create the modern insurance experience, the merged company's veteran leadership team relies on expertise from insurance brokerage leaders and Silicon Valley innovators such as Uber, Intuit, and Twitter.
Newfront's financial adviser was Perella Weinberg Partners LP, and its legal advisor was Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP. Reagan Consulting, Inc. acted as ABD's financial adviser, while Weil, Gotshal & Manges LLP served as its legal advisers.
About ABD
Risk management, insurance brokerage, human resources, and retirement consulting are all ABD Insurance and Financial Services services. Our advisors provide guidance and develop innovative solutions to assist clients of all sizes, stages of growth, and industries in addressing risk.
ABD, headquartered in San Mateo, has offices in California, Washington, Illinois, and New York and employs over 400 people who serve clients across the United States and throughout the world.
About Newfront
Newfront, founded in 2017, is one of the nation's fastest-growing insurance brokerages, due in large part to unique technology that makes the insurance transaction less cumbersome, more transparent, and more successful for customers and brokers. Newfront was recently selected to the 2020 CB Insights list of the most innovative financial services companies in the United States. In addition, Forbes named it one of the Top 50 Fintech companies for 2021.
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LIFE INSURANCE
Resolution Life | January 05, 2021
Resolution Life Group Holdings LP, a global manager of in-force life insurance businesses, is charmed to declare today that it has finished the acquisition of Voya Financial, Inc.'s, individual life in-force business.
The fulfillment sees Voya offer to Resolution Life significantly the entirety of its in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain different subsidiaries, just as the reinsurance of Voya's remaining in-force individual life and annuity blocks.
Voya moved roughly 350 employees, along with the resources and frameworks used to deal with the business. On finish more than $25 billion of resources were added to the Resolution Life accounting report and it accepts accountability for the administration of the obtained business.
Following a transition period, which is relied upon to require as long as two years, Resolution Life will supplant Voya's corporate frameworks with its own frameworks. Resolution Life's more current platforms will give improved customer administration at lower cost.
Resolution Life has raised over US$3 billion of capital since 2018. Notwithstanding the acquisition of Voya's individual life in-force business, acquisitions to date include the A$3 billion acquisition of AMP Life in Australia and the fulfillment of a reinsurance transaction with Symetra Life Insurance Company with US$5.7 billion of stores.
The transaction gives Resolution Life a strong platform to benefit from future development openings in the US market, expands the Group risk profile against the Resolution Australasia and Resolution Re liabilities, and quickens its development story.
Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, said:
“We are delighted to welcome our new customers and colleagues to Resolution Life. By acquiring or reinsuring businesses from partners such as Voya, Symetra and AMP, we provide a well-capitalised and stable environment to deliver on long-term customer promises.
There is great opportunity for growth in the United States and completion of this transaction gives us an excellent platform to build from.”
About Resolution Life
Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003, prior Resolution entities together with Resolution Life have deployed US$16 billion of equity in the acquisition, reinsurance, consolidation and management of 30 life insurance companies. Together, these companies have served the needs of 12.6 million policyholders while managing over US$354 billion of assets. Resolution Life has operations in Bermuda, the U.K., the United States, Australia and New Zealand.
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