Huge US-based brokerage makes major Canadian acquisition

Huge US-based brokerage makes major Canadian acquisition | Insurance Business

Huge US-based brokerage makes major Canadian acquisition
Insurance broker and consultant NFP has acquired the Dalton Timmis Insurance Group of brokerages.

NFP, the fourth-largest privately-owned brokerage in the United States, provides employee benefits, property and casualty insurance, and retirement and individual private client solutions. The company has more than 3,800 employees.

Dalton Timmis was named Top Brokerage (2017) by Insurance Business at the beginning of the year, and was last year named Brokerage of the Year by the Insurance Brokers Association of Ontario.

Headquartered in Ancaster, Ontario, the brokerage has 170 employees, with satellite offices in Burlington, Midland, and Mississauga in Ontario, and Calgary and Edmonton in Alberta.

“The DTG transaction opens a new chapter for NFP, creating a premier P&C platform in Canada, and expands our P&C services in two of Canada’s largest provinces, providing significant resources to NFP’s footprint in the region,” said Marty Shaw, managing director of NFP Canada. “The result is a full-service broker, complementing our world-class benefits and pension portfolio across Canada. We’re especially excited about the possibility of increased synergies between our benefits and P&C offerings.”

Added NFP chairman and CEO Doug Hammond: “We’re excited to welcome the entire DTG team to the NFP family. We’re committed to the Canadian market and have total confidence that DTG’s leadership team and employees will be outstanding partners to help us drive our Canadian expansion strategy alongside Marty and his team.”

Dalton Timmis principals – Brian Timmis, Domenic Tesone and Greg Padovani – will join the executive leadership team of NFP Canada, reporting to Shaw. The Dalton Timmis senior leadership team of Tara Carruthers, Josh Pauls and Dan Avon will also join as vice presidents.

In a joint statement, Padovani, Tesone and Timmis added: “We’re happy to close the year with this impactful transaction, which will provide strong growth momentum heading into 2018. Building on a robust set of existing services, joining NFP will generate a deeper portfolio of consultative services and product offerings for both our existing clients and prospects. We couldn’t be happier.”

The acquisition was finalized on Thursday, December 07, Shaw said.


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