NEW YORK, April 11, 2012 /PRNewswire/ -- National
Financial Partners Corp. (NYSE: NFP), a leading provider of
benefits, insurance and wealth management services, today announced
an expansion of its corporate benefits presence in New York, through the acquisition of the
remaining outstanding interests of Nemco Group, LLC (Nemco).
Prior to this transaction, NFP owned a minority interest in
Nemco. Following the consummation of the acquisition, Nemco
became a wholly-owned subsidiary of NFP Corporate Services (NY),
LLC. This transaction closed on April
2, 2012.
(Logo:
http://photos.prnewswire.com/prnh/20100920/NY67494LOGO)
NFP Corporate Services (NY), operating under the NFP brand, was
recently created with the combination of AGS Benefits and NFP
Dreyfuss & Birke. The NY team is run by Paul Schnell, William
Austin and Jordan Gray and
has annualized revenue of approximately $29
million, including Nemco.
Nemco, with annualized revenue of approximately $11 million, is a leading NY based group benefits
firm. Cyrus Walker and
Stephen Cooper, previous management
of Nemco, will report directly to the managing directors of NFP
Corporate Services (NY) and maintain senior sales roles.
Commenting on today's announcements, Mr. Austin said, "NFP has a
strong history with Nemco and we are confident that combining our
efforts will further strengthen our corporate benefits presence in
the NY metro area. We look forward to working closely with
Cyrus, Stephen and the Nemco team."
Also commenting, Mr. Walker said, "As a part of the NFP family
for many years, we fully appreciate the value we can realize by
leveraging NFP's exceptional resources and working together under
one brand. We are thrilled to fully integrate with the team
in NY and look forward to enhancing our capabilities and improving
our sales opportunities going forward."
About NFP
National Financial Partners Corp. (NYSE: NFP), and its benefits,
insurance and wealth management businesses provide diversified
advisory and brokerage services to companies and high net worth
individuals, partnering with them to preserve their assets and
prosper over the long term. NFP advisors provide innovative
and comprehensive solutions, backed by NFP's national scale and
resources. NFP operates in three business segments. The
Corporate Client Group provides corporate and executive benefits,
retirement plans and property and casualty insurance. The
Individual Client Group includes retail and wholesale life
insurance brokerage and wealth management advisory services.
The Advisor Services Group serves independent financial advisors by
offering broker-dealer and asset management products and
services. Most recently NFP was ranked as the eighth Top
Global Insurance Broker by Best's Review; operated the fourth
largest Executive Benefits Provider of nonqualified deferred
compensation plans administered for recordkeeping clients as ranked
by PlanSponsor; operated a top ten Independent Broker Dealer as
ranked by Financial Planning and Financial Advisor; had three
advisors ranked in Barron's Top 100 Independent Financial Advisors
and is a leading independent life insurance distributor according
to many top-tier carriers. For more information, visit
www.nfp.com.
Forward-Looking Statements
This release contains statements which are forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
without limitation, any statement that may project, indicate or
imply future results, events, performance or achievements, and may
contain the words "anticipate," "expect," "intend," "plan,"
"believe," "estimate," "may," "project," "will," "continue" and
similar expressions of a future or forward-looking nature.
Forward-looking statements may include discussions concerning
revenue, expenses, earnings, cash flow, impairments, losses,
dividends, capital structure, market and industry conditions,
premium and commission rates, interest rates, contingencies, the
direction or outcome of regulatory investigations and litigation,
income taxes and the Company's operations or strategy. These
forward-looking statements are based on management's current views
with respect to future results. Forward-looking statements are
based on beliefs and assumptions made by management using
currently-available information, such as market and industry
materials, experts' reports and opinions, and current financial
trends. These statements are only predictions and are not
guarantees of future performance. Forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those contemplated by a forward-looking
statement. These risks and uncertainties include, without
limitation: (1) the ability of the Company to execute on its
strategy of increasing recurring revenue and other business
initiatives; (2) NFP's ability, through its operating structure, to
respond quickly to operational, financial or regulatory situations
impacting its businesses; (3) the ability of the Company's
businesses to perform successfully following acquisition, including
through the diversification of product and service offerings, and
NFP's ability to manage its business effectively and profitably
through its principals and employees and through the Company's
reportable segments; (4) any losses that NFP may take with
respect to dispositions, restructures or otherwise;
(5) seasonality or an economic environment that results in
fewer sales of financial products or services; (6) NFP's
success in acquiring and retaining high-quality independent
financial services businesses; (7) changes in premiums and
commission rates or the rates of other fees paid to the Company's
businesses, due to requirements related to medical loss ratios
stemming from the Patient Protection and Affordable Care Act or
otherwise; (8) NFP's ability to operate effectively within the
restrictive covenants of its credit facility; (9) changes that
adversely affect NFP's ability to manage its indebtedness or
capital structure, including changes in interest rates or credit
market conditions; (10) the impact of capital markets
behavior, such as fluctuations in the price of NFP's common stock,
or the dilutive impact of capital raising efforts;
(11) adverse results or other consequences from matters
including litigation, arbitration, settlements, regulatory
investigations or compliance initiatives, such as those related to
business practices, compensation agreements with insurance
companies, policy rescissions or chargebacks, or activities within
the life settlements industry; (12) the impact of legislation
or regulations on NFP's businesses, such as the possible adoption
of exclusive federal regulation over interstate insurers, the
uncertain impact of legislation regulating the financial services
industry, such as the recent Dodd-Frank Wall Street Reform and
Consumer Protection Act, the impact of the adoption of the Patient
Protection and Affordable Care Act and resulting changes in
business practices, potential changes in estate tax laws, or
changes in regulations affecting the value or use of benefits
programs, any of which may adversely affect the demand for or
profitability of the Company's services; (13) adverse
developments in the Company's markets, such as those related to
compensation agreements with insurance companies or activities
within the life settlements industry, which could result in
decreased sales of financial products or services; (14) the
effectiveness or financial impact of NFP's incentive plans;
(15) the impact of the adoption or change in interpretation of
certain accounting treatments or policies and changes in underlying
assumptions relating to such treatments or policies, which may lead
to adverse financial statement results; (16) the loss of
services of key members of senior management; (17) failure by the
Company's broker-dealers to comply with net capital requirements;
(18) the Company's ability to compete against competitors with
greater resources, such as those with greater name recognition;
(19) developments in the availability, pricing, design, tax
treatment or underwriting of insurance products, including
insurance carriers' potential change in accounting for deferred
acquisition costs, revisions in mortality tables by life expectancy
underwriters or changes in the Company's relationships with
insurance companies; (20) the reduction of the Company's
revenue and earnings due to the elimination or modification of
compensation arrangements, including contingent compensation
arrangements and the adoption of internal initiatives to enhance
compensation transparency, including the transparency of fees paid
for life settlements transactions; (21) the occurrence of
adverse economic conditions or an adverse regulatory climate in
New York, Florida or California; and (22) the Company's
ability to effect smooth succession planning.
Additional factors are set forth in NFP's filings with the
Securities and Exchange Commission (the "SEC"), including its
Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on
February 13, 2012.
Forward-looking statements speak only as of the date on which
they are made. NFP expressly disclaims any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE NFP