NFP, the New York-based insurance broker and consultant, has announced the acquisition of Canadian company Foster Park Brokers Inc.
Details of the transaction, which closed on November 1, 2021, were not disclosed.
Foster Park is one of Western Canada’s largest independent insurance brokers, employing 135 people in four offices — Edmonton, Calgary and Grande Prairie, Alberta, and Langley, British Columbia. They provide expertise and solutions in commercial and personal property and casualty insurance, employee and group benefits, private client services, and bonding and surety to clients in Western Canada.
Foster Park’s highly respected and strong management team will play an active role in integrating and growing the business, working with NPO leaders across Canada to cultivate new client relationships and identify additional growth opportunities.
Mark Wiens will serve as General Manager of Business Lines for NFP in Western Canada, reporting to John Haas, President, NFP in Canada. Executive partners Andre Charrois, Steven Whitehouse, Roger Roebuck, Denise Theberge, Hugh Watt, and all other Foster Park shareholders and employees will join NFP.
“We are delighted to welcome Mark and the entire Foster Park team to NFP,” said Haas. “We worked to identify the right partner to expand into Western Canada, and we found that partner in Foster Park. Their excellent reputation, relationships and results across the region will accelerate our growth across Canada. Additionally, Foster Park’s significant investments in cutting-edge proprietary technology platforms that support long-term customer relationships will bring additional value to NFP’s customers in Canada.
“We are thrilled to join NFP and work with such a talented team of industry leaders,” commented Wiens. “This transaction will bring immense value to our existing customers and future opportunities. Access to new resources – products, services, expertise – will allow our people to continue to be able to provide cutting-edge solutions and services.
Sequeira Partners acted as exclusive financial advisor, and DLA Piper (Canada) LLP and Bryan & Company LLP acted as legal advisors to Foster Park and its affiliates.
Dentons served as legal counsel to NFP.
With more than 800 employees in Canada and more than 6,000 employees worldwide, NFP offers specialized professional and personal insurance, group benefits, retirement solutions and individual solutions through its licensed subsidiaries and affiliates. .
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