CORE INSURANCE

NFP Acquires Foster Park Brokers Inc., Significantly Expanding its Presence in Western Canada

NFP | November 09, 2021

NFP Acquires Foster Park Brokers Inc., Significantly Expanding its Presence in Western Canada
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).

Spotlight

They’ve been getting a lot of buzz over the years, and it’s not surprising why. Millennials are on their way to becoming the largest generation in the world. They account for being in an exclusive club of 1.8 billion people, which is about a quarter of the global population, and are at the point of overtaking baby boomers as the biggest adult population in the US.

Related News

ANNUITIES

Unqork Expands Strategic Alliance with SE2

Unqork, SE2 | December 22, 2020

Unqork, the leading enterprise no-code platform, today announced an expansion of its strategic partnership with SE2, a life and annuities insurance technology and services firm, to use the Unqork platform as a feature of its pre-incorporated, end-to-end life and annuity digital ecosystem. This partnership will empower SE2 to offer life and annuity insurance carriers a suite of solutions to streamline and modernize across the whole strategy lifecycle. "SE2's partnership with Unqork provides insurers with a pre-built and fully integrated ecosystem, now with the added benefit of Unqork's no-code platform, to drive efficiencies and cost savings for insurers," said Mark Schultis, CEO, SE2. "I'm excited to partner with Unqork and jointly accelerate the digitization efforts of the insurance and retirement solutions industry." SE2 has utilized Unqork's absolutely visual, intuitive no-code platform alongside the SE2 Aurum® digital platform to additional improve its insurance ecosystem for supporting the whole arrangement lifecycle, from beginning, new business, however strategy administration, servicing, claims, and payout. Together, SE2 and Unqork have made industry-specific digital capabilities needed for the end-to-end transformation of life and annuity insurance carriers. These capabilities support all distribution channels, including direct-to-consumer for both digital self-service and back office processing. "Our partnership is driving the much-needed replacement of legacy systems and accelerating the trend towards automation and digitization in the life insurance and retirement solutions industry. Unqork's no-code platform is uniquely positioned to address this need in the market," said Rabih Ramadi, Head of Financial Services, Unqork. "Joining forces with an industry expert like SE2 provides an opportunity to showcase the real power of our platform and to build fully digital experiences for insurance carriers and the clients they serve." About Unqork Unqork is the industry pioneer no-code enterprise application platform that helps large companies build, deploy, and manage complex applications without writing a single line of code. Organizations like Goldman Sachs, Liberty Mutual, the Cities of New York and Washington, DC and Maimonides Medical Center are using Unqork's drag-and-drop interface to build enterprise applications faster, with higher quality, and lower costs than conventional approaches. About SE2 SE2, an Eldridge business, is a life and annuities insurance technology and services firm. SE2 has a proven track record of enabling technology driven transformations. SE2 uniquely combines industry knowledge stemming from its 125+ years of life insurance heritage along with its end-to-end SE2 Aurum® technology platform to enable the rapid launch of new and innovative products through both traditional as well as digital channels. SE2 currently administers nearly 2 million active policies on behalf of its 25+ clients. SE2 has over $100 billion in assets under administration and handles more than 200,000 new business applications annually.

Read More

Acrisure Acquires AI Leader Tulco’s to the insurance brokerage industry

Business Wire | July 30, 2020

In a transformational move, Acrisure today announced that it has acquired artificial intelligence (AI) leader Tulco LLC’s insurance practice to bring best-in-class data science, AI, and machine learning capabilities to the insurance brokerage industry. This transaction enables true deployment of “insurtech at scale” as it combines the global distribution power of Acrisure, the fastest growing broker in insurance industry history, with the world-class, proven AI expertise of Tulco. The deal, which was conducted as a stock-for-stock trade resulting in Tulco becoming a significant minority shareholder in Acrisure was announced by Greg Williams, Co-Founder, CEO and President of Acrisure and Thomas Tull, Chairman and CEO of Tulco.

Read More

CORE INSURANCE

NAU Country Launches Grain Cart Reporting with Agrimatics™

NAU Country Insurance Company | September 08, 2021

NAU Country Insurance Company, one of the largest crop insurance providers in the U.S., and Agrimatics, a leading agricultural software technology company, announced a partnership to help their customers – the American Farmer – more efficiently report production for their crop insurance policies. This partnership certifies the digital file output from Agrimatics' Libra Cart is compatible with NAU Country's EASYwriter Pro® processing and adjusting suite of software. This certification means that farmers now can transfer their on-farm storage production information easily from field to truck to their crop insurance agent or adjuster. In turn, that data will be imported into NAU Country's system where the agents and adjusters will associate it to the corresponding unit and location. As always, farmers have complete control on what information (if any) will be shared with NAU Country's system. Agrimatics' Libra Cart is a tablet and smartphone-based grain cart weighing and data management system. The Libra Cart hardware device mounts directly onto a grain cart and wirelessly communicates with the Libra Cart app running on a compatible mobile device in the tractor cab. Libra Cart's patented technology simplifies and streamlines harvest data management, providing load tracking from field to truck to destination. NAU Country is America's original Multi-Peril Crop Insurance (MPCI) company and one of the largest federal crop insurance providers in the United States, specializing in MPCI, Crop-Hail, and Named Peril insurance products. The company is part of QBE Insurance Group Limited, a global insurance leader focused on helping customers solve unique risks worldwide. "We're about keeping crop insurance simple," said NAU Country Chief Marketing and Technology Officer, Michael Deal. "NAU Country thrives on creating agricultural risk management tools through the use of technology and customer service," added Deal. "The integration with Agrimatics empowers our insureds to utilize technology to efficiently report production data while in the office, in the field, or on the go. Creating happier customers and agents." About Agrimatics™ Agrimatics is Bitstrata Systems' agriculture brand, which focuses on creating smarter, simpler equipment monitoring, control, and data management solutions for farmers and their farms. Located in Saskatoon, Saskatchewan, Bitstrata rests in the agricultural heartland of Western Canada. The Bitstrata team has decades of collective experience creating and delivering products for the tough environments of the agricultural, telecommunications and weighing industries worldwide. About NAU Country NAU Country Insurance Company, a QBE Insurance Company, is a leading multi-peril crop insurance company passionate about serving the American farmer and supporting their agents in the continental U.S. Headquartered in Ramsey, MN with branch offices in 10 locations, NAU Country has grown over the years by providing outstanding customer service and leading-edge technology. NAU Country is currently licensed in 48 states and employs over 800 field and office staff across the country. As a division of QBE Insurance Group Ltd., a leading global insurer, NAU Country has the financial strength for today's insurance environment.

Read More

Spotlight

They’ve been getting a lot of buzz over the years, and it’s not surprising why. Millennials are on their way to becoming the largest generation in the world. They account for being in an exclusive club of 1.8 billion people, which is about a quarter of the global population, and are at the point of overtaking baby boomers as the biggest adult population in the US.