Broker swoops for benefits group

by Paul Lucas09 Mar 2016
A Canadian company that acts as an intermediary between brokers and insurers has been snapped up by the fifth largest global benefits broker.

Group Force Benefits, founded in 2011, works with insurance specialists and advisors in an effort to offer benefits services and a range of group insurance services. Now, however, it has been acquired by NFP, a leading benefits broker that has international capabilities in both the UK and North America.

NFP boasts offices in Toronto and Burlington, Ontario, and with its latest acquisition it will offer additional resources in both Montreal, Quebec, and in other areas of Ontario. Its subsidiaries are meant to assist employers with the design of comprehensive benefits packages while also offering analytical, administrative and compliance resources.

Speaking on the news, Marty Shaw, the managing director of NFP in Canada, commented that the firm’s leadership will continue in their positions but now report to him directly.

“NFP is committed to finding knowledgeable and well-connected firms that bolster our capabilities and improve efficiencies for brokers,” he said. “Our acquisition of Group Force and its impressive management team enhances our existing infrastructure and opens doors for future Canada-based acquisitions.”

The firm’s leadership currently consists of Carlo Ravenna, Vince Camarda and Michel de Paiva. In a joint statement they commented: “As we look to the future of our organization, we searched for a partner with scale that could provide our brokers with enhanced services and attractive succession opportunities. NFP strengthens our offerings on all fronts, and we are excited to join their team.”