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Member, Beacon International Group, Ltd.
Plainview, New York-based broker BWD Group L.L.C. has been acquired by New York-based NFP Corp., according to an NFP statement.
The acquisition will expand the insurance broker and consultant's national product and casualty lines and its Northeast employee benefits resources, Monday's statement said. NFP is an insurance broker and consultant that provides employee benefits, property & casualty, retirement, and individual insurance and wealth management solutions.
BWD Group provides property and casualty, employee benefits brokerage and consulting with proprietary programs and specialties in the sports, entertainment and publishing industries. The broker also provides client services to some of the nation's top sports leagues and teams, the statement said.
BWD's principals will join NFP's leadership team as managing directors, the statement said. Roger and Marc Blumencranz and Stuart Wilkins will each become managing director, NFP Property & Casualty, New York Metro.
The details of the transaction were not disclosed.
When asked about BWD's company name moving forward, an NFP spokesman said that they would be “working together through a brand transition with the recognition of the importance of the BWD brand in the sports and entertainment area.”
“We are excited for what BWD and our employees have to gain from NFP and what we have to offer NFP's P&C division with our specialized services in the sports and entertainment world. We look forward to expanding this division with NFP and becoming a larger force in the insurance industry,” said Roger Blumencranz, BWD's president.
Recently NFP was ranked by Business Insurance as the 5th largest global benefits broker by revenue, the 4th largest U.S.-based privately owned broker and the 11th largest broker of U.S. business.
Atlanta-based employee benefits broker Digital Insurance Inc. on Thursday said it has acquired Compass Consulting Group Inc. and its affiliate, Prospective Risk Management.