National Financial Partners (NFP), an insurance and wealth management services provider, has purchased Schwartz Brothers Insurance Agency and the corporate benefits business of Schwartz Benefit Services, to boost its properly and casualty (P&C) business in Illinois.
Established in 1919, the Schwartz Brothers Companies includes insurance agency as well as corporate benefits business that have been providing customized risk management, insurance and corporate benefit solutions.
As per terms of the acquisition, managing members Donald Zimelis, J Spencer Miller and Howard Sharfman will concentrate on strengthening NFP’s property and casualty and corporate benefits business in the Midwest region.
NFP chairman and CEO Douglas Hammond said that the company is pleased to further its relationship with the Schwartz Brothers Companies with whom they have partnered for more than a decade.
"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," Hammond added.
Schwartz Benefit Services president commented, "This partnership will provide increased opportunities for our clients, producers and staff, and, together with the NFP team, we are confident about our future success."
NFP operates in three business segments including the Corporate Client Group that provides corporate and executive benefits, P&C insurance and retirement plans; the Individual Client Group that includes retail and wholesale life insurance brokerage and wealth management advisory services.
The third is Advisor Services Group that serves independent financial advisors by offering broker/dealer and asset management products and services.
Image: National Financial Partners purchases Schwartz Brothers Companies. Photo: courtesy of Stuart Miles/FreeDigitalPhotos.net.