TMCnet News
NFP Acquires Michelsen Benefits Group, Inc.NFP, a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement, and individual insurance and wealth management solutions, has expanded its corporate benefits practice with the acquisition of Michelsen Benefits Group, Inc., or The Michelsen Group (TMG). The transaction closed effective as of November 1, 2014. The Charlotte, NC-based brokerage firm specializes in group benefits and has property and casualty insurance capabilities. The Michelsen Group was established to provide best-in-class consulting services to large companies with respect to their group benefits and to help them adapt to the changing healthcare landscape. The firm was founded in 2003 by father-son partners Jim and Sean Michelsen, both of whom will remain as senior management. Commenting on today's announcement, Douglas W. Hammond, Chairman and Chief Executive Officer of NFP, said, "The Michelsen Groupis well respected in the Charlotte region, with a strong staff of experienced industry leaders. We are pleased to welcome Jim, Sean and the rest of their team to the NFP family." Also commenting on today's news is Will Byron, NFP's Regional Managing Director, who said, "TMG's consultative approach to group benefits complements NFP's business strategy, working closely with firms to determine the best health plan approach for their company. Additionally, TMG's property and casualty experience aligns with another core NFP business offering, so TMG is a natural fit." ABOUT NFP National Financial Partners Corp. (NFP), along with its benefits, property & casualty and life insurance, and wealth management businesses, provides diversified advisory and brokerage services to companies and high net worth individuals. NFP operates in three business segments. The Corporate Client Group provides corporate and executive benefits, property and casualty insurance, and retirement plans. The Individual Client Group provides retail and wholesale life insurance brokerage and wealth management advisory services. Advisor Services Group supports independent financial advisors by offering broker/dealer and asset management products and services. Most recently, NFP was ranked by Business Insurance as the fifth-largest benefits broker by global revenue, fourth-largest U.S.-based privately owned broker and 11th-largest Largest Broker of U.S. Business. Plan Sponsor has named NFP the fifth-largest executive benefits provider of nonqualified deferred compensation plans by number of plans. The company also operates a top 10 independent broker/dealer as ranked by WealthManagement.com.
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