NFP, a leading insurance broker and consultant, today announced expansion plans to significantly scale its Irish business operations.
NFP provides employee benefits, property and casualty (P&C), retirement and individual solutions.
This follows its very recent entry into the insurance broker market in Ireland with the acquisition of Dublin-based HMP Insurance & Pension Advisors Limited (HMP).
Having now completed its rebrand from HMP to NFP and operating as part of the global NFP broker network, the local firm expects to double its workforce and significantly grow its business. The rebrand is expected to more fully integrate the local business into the global broker network, leveraging smart technology platforms and access to specialist expertise while remaining independent in the advice given to clients.
Founded in 2006 by directors David Moore and Colm Power, HMP has established a position as a recognised leader in Ireland for providing corporate pensions consultancy and private wealth management/insurance advisory services to corporate and individual clients.
The acquisition of the business by NFP now paves the way for the business to accelerate its growth plans both organically and through other strategic acquisitions in the local market. Both David Moore and Colm Power will continue to drive the business in Ireland reporting to Matt Pawley, managing director of NFP’s UK & Ireland business.
Commenting on plans for further acquisitions, Colm Power, director of employee benefits said: “It is very much our stated intention to support NFP in their growth strategy to build a greater presence and market share in Ireland and to follow their very successful US and international expansion model of targeted acquisitions.
“To that end, we will be proactively identifying further suitable acquisition targets in Ireland, particularly in the area of corporate commercial insurance, that will complement our business. Our plans are to acquire the right business at the right time for NFP. There are really great businesses out there that have significant opportunities for growth, but it must represent value and more importantly it must be the right fit culturally.”
Citing NFP’s attraction to Ireland, Matt Pawley said: “We believe that investing in Ireland is strategically important as we continue to plan for the impact of Brexit on clients and our ability to serve them. Ireland is well placed to become a European hub for our business as we continue to expand into new geographic territories, but the local market also provides great domestic business opportunities and potential with many US and global corporate HQs based here.
“Integrating our acquisitions in the UK and Ireland gives us momentum as we pursue the tremendous opportunities we see in the region,” said Doug Hammond, chairman and CEO of NFP. “With 120 employees in Europe, focused leadership from Matt, David and Colm, and their colleagues, and an unwavering commitment to delivering value to clients, we will build from our success and continue our growth in ways that distinguish us in the market.”