New York-based broker National Financial Partners Corp. has acquired Chicago-based Schwartz Brothers Cos., including Schwartz Brothers Insurance Agency, L.L.C., and the corporate benefits business of Schwartz Benefit Services, Inc., NFP announced Monday.
The Schwartz Brothers Cos., located in Chicago, provide customized risk management, insurance and corporate benefit solutions, according to a statement issued by NFP. Managing members Donald Zimelis, J. Spencer Miller and Howard Sharfman will focus on strengthening NFP's property and casualty and corporate benefits business in the Midwest, said NFP.
“We are pleased to further our relationship with the Schwartz Brothers Companies with whom we have partnered for more than a decade,” said NFP Chairman and CEO Douglas W. Hammond, in the statement. “This transaction helps advance our stated goal of enhancing our sales and servicing capabilities in commercial and personal property and casualty lines as well as with adding scale to our benefits presence in the Midwest region.”
Terms of the transaction were not disclosed.
NFP ranked ninth on Business Insurance's 2013 list of the 100 largest brokers of U.S. business.