NFP Acquires Western Canada’s Foster Park Brokers Inc.

NFP, the New York City-based insurance broker and consultant, announced the acquisition of Canada’s Foster Park Brokers Inc.

Details of the transaction, which closed on Nov. 1, 2021, were not disclosed.

Foster Park is one of Western Canada’s largest independent insurance brokerages, employing 135 people in four offices — Edmonton, Calgary and Grande Prairie, Alberta, and Langley, British Columbia. They provide expertise and solutions in commercial and individual P/C insurance, life and group benefits, private client services, and bonding and surety to clients across Western Canada.

Foster Park’s highly respected and strong leadership team will play an active role in the integration and growth of the business, collaborating with NFP leaders across Canada to cultivate new client relationships and identify additional growth opportunities.

Mark Wiens will serve as managing director of commercial lines for NFP in Canada’s Western region, reporting to John Haas, president, NFP in Canada. Executive Partners Andre Charrois, Steven Whitehouse, Roger Roebuck, Denise Theberge, Hugh Watt, along with all other shareholders and employees of Foster Park will join NFP.

“We’re excited to welcome Mark and the entire Foster Park team to NFP,” said Haas. “We’ve been working to identify the right partner to expand into Western Canada, and we’ve found that partner in Foster Park. Their excellent reputation, relationships and results across the region will accelerate our growth across Canada. In addition, Foster Park’s significant investments in industry-leading proprietary technology platforms that support long-term customer relationships will bring additional value to NFP’s clients in Canada.”

“We are elated to join NFP and work with such a talented team of industry leaders,” commented Wiens. “This transaction will bring immense value to our existing clients and future opportunities. Accessing new resources — products, services, expertise — will allow our staff to continue to be in a position of providing industry leading solutions and service.”

Sequeira Partners served as exclusive financial adviser, and DLA Piper (Canada) LLP and Bryan & Company LLP acted as legal counsel, 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 globally, NFP provides specialized business and personal insurance, group benefits, retirement and individual solutions through its licensed subsidiaries and affiliates.

Source: NFP

Topics Mergers & Acquisitions Agencies Canada