NEW YORK, Oct. 2, 2012
/PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP),
a leading provider of benefits, insurance and wealth management
services, today announced that it has acquired Lane McVicker, LLC (LMV), a leading provider of
personal lines property & casualty insurance to high net worth
clients. LMV will be integrated into NFP Property &
Casualty Services, Inc. (NFP P&C) to establish a national
platform that delivers superior service, competitive pricing and
technical competence for private clients. The transaction is
effective October 1, 2012.
(Logo: http://photos.prnewswire.com/prnh/20100920/NY67494LOGO
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LMV, with annualized revenue of approximately $8 million, was founded in 1999 by president and
chief executive officer Keith
McVicker. LMV has a strong track record of helping
individuals, family offices and financial advisors with personal
lines property & casualty solutions. LMV has nine
offices, including its New York
City headquarters, and a national network of
professionals. Mr. McVicker will serve as a consultant to NFP
P&C. LMV's four other employee-owners, Michael Carmody, Amy
Ciasulli, Gilbert Lai and
Brett Woodward, will become Senior
Vice Presidents of NFP P&C, leading its high net worth personal
lines division and reporting to Terrence M.
Scali, chief executive officer of NFP P&C.
Commenting on today's announcement, Douglas W. Hammond, president and chief
operating officer, said, "The LMV transaction is consistent with
our strategy to continue to build scale in the property and
casualty business through the acquisition of outstanding businesses
that complement our client offering. We are excited about the
value LMV brings to NFP P&C as we continue to build on the
quality and diversity of services we offer our high net worth
clients."
Also commenting on today's announcement, Mr. Scali said,
"We are thrilled to have acquired LMV. Keith and his
colleagues are among the best personal lines professionals in the
business and we look forward to them joining our team. This
transaction enhances our capabilities to serve our private client
initiative nationwide."
In addition, Mr. McVicker said, "Joining NFP's substantial
national platform will provide LMV with enhanced business
development and growth opportunities that will enable us to be even
more effective advocates for our clients. The LMV team looks
forward to working with NFP to ensure a successful
integration."
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 eighth on Business Insurance's 100
Largest Brokers of U.S. Business; second on Business Insurance's
Largest Agents and Brokers Headquartered in the U.S. Northeast; as
the ninth 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 Investment 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, the collectability of
amounts owed to it 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
and their managers and key producers, and the ability of the
Company to retain its broker-dealers' financial advisors and
recruit new financial advisors; (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 legal or 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