July 6, 2011
/PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, has acquired Lapre Scali & Company Insurance Services, LLC (Lapre Scali). Effective
July 1, 2011
Terrence M. Scali
, chief executive officer, Lapre Scali, became chief executive officer, NFP Property and Casualty Services, Inc. (NFP P&C), and executive vice president, NFP. NFP will continue to operate its property and casualty business as part of the Corporate Client Group, under the NFP P&C brand. Mr. Scali reports directly to
Douglas W. Hammond
, chief operating officer, NFP.
With annualized revenue of approximately
, Lapre Scali is a property and casualty insurance brokerage headquartered in
and licensed throughout the U.S.
Commenting on today's announcement,
Jessica M. Bibliowicz
, NFP's chairman, president and chief executive officer, said, "Our acquisition of Lapre Scali is consistent with our strategy to continue to diversify our product and service offerings, particularly in P&C, and increase our recurring revenue. Terry Scali is a proven leader who will drive growth for us in P&C."
Mr. Hammond said, "We welcome Terry and his talented team to NFP. We expect our business to benefit from Terry's experience in growing P&C businesses organically and through strategic acquisitions. Terry has shown a unique ability to execute on P&C consolidation including the identification of acquisition targets, and the integration and management of consolidated entities."
Mr. Scali said, "We are thrilled to become a part of NFP. I look forward to working with the NFP team in leading the significant expansion of its P&C platform."
Mr. Scali had been chief executive officer of Lapre Scali since its founding in 2006. He has spent 26 years in the P&C brokerage industry, and has previously established and managed Milne Scali & Company Insurance Services which he sold to BNC National Bank (BNC) in
. Mr. Scali was president and chief executive officer of the Insurance Operations of BNC growing the business internally and through acquisitions. Mr. Scali received his Bachelor of Science in business administration from the
University of Arizona
National Financial Partners Corp. (NYSE: NFP) and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering with them to preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP's national scale and resources. NFP operates in three business segments. The Corporate Client Group provides corporate and executive benefits, retirement plans and property and casualty insurance. The Individual Client Group includes retail and wholesale life insurance brokerage and wealth management advisory services. The Advisor Services Group serves independent financial advisors by offering broker-dealer and asset management products and services. Most recently NFP was ranked as the eighth Top Global Insurance Broker by Best's Review; operated the third largest Executive Benefits Provider of nonqualified deferred compensation plans administered for recordkeeping clients as ranked by PlanSponsor; operated a top ten Independent Broker Dealer as ranked by Financial Planning and Financial Advisor; had four advisors ranked in Barron's Top 100 Independent Financial Advisors and is a leading independent life insurance distributor according to many top-tier carriers. For more information, visit
This release contains statements which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "anticipate," "expect," "intend," "plan," "believe," "estimate," "may," "project," "will," "continue" and similar expressions of a future or forward-looking nature. Forward-looking statements may include discussions concerning revenue, expenses, earnings, cash flow, impairments, losses, dividends, capital structure, market and industry conditions, premium and commission rates, interest rates, contingencies, the direction or outcome of regulatory investigations and litigation, income taxes and the Company's operations or strategy. These forward-looking statements are based on management's current views with respect to future results. Forward-looking statements are based on beliefs and assumptions made by management using currently-available information, such as market and industry materials, experts' reports and opinions, and current financial trends. These statements are only predictions and are not guarantees of future performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by a forward-looking statement. These risks and uncertainties include, without limitation: (1) NFP's ability, through its operating structure, to respond quickly to operational, financial or regulatory situations impacting its businesses; (2) the ability of the Company's businesses to perform successfully following acquisition, including through cross-selling initiatives, and NFP's ability to manage its business effectively and profitably through its principals and the Company's reportable segments; (3) any losses that NFP may take with respect to dispositions, restructures or otherwise; (4) an economic environment that results in fewer sales of financial products or services; (5) the impact of the adoption or change in interpretation of certain accounting treatments or policies and changes in underlying assumptions relating to such treatments or policies, which may lead to adverse financial statement results; (6) NFP's success in acquiring and retaining high-quality independent financial services businesses; (7) the effectiveness or financial impact of NFP's incentive plans; (8) changes that adversely affect NFP's ability to manage its indebtedness or capital structure, including changes in interest rates or credit market conditions; (9) adverse developments in the Company's markets, such as those related to compensation agreements with insurance companies or activities within the life settlements industry, which could result in decreased sales of financial products or services; (10) NFP's ability to operate effectively within the restrictive covenants of its credit facility; (11) adverse results or other consequences from litigation, arbitration, settlements, regulatory investigations or compliance initiatives, including those related to business practices, compensation agreements with insurance companies, policy rescissions or chargebacks, or activities within the life settlements industry; (12) the impact of capital markets behavior, such as fluctuations in the price of NFP's common stock, the dilutive impact of capital raising efforts or the impact of refinancing transactions; (13) the impact of legislation or regulations on NFP's businesses, such as the possible adoption of exclusive federal regulation over interstate insurers, the uncertain impact of legislation regulating the financial services industry, such as the recent Dodd-Frank Wall Street Reform and Consumer Protection Act, the impact of newly-adopted healthcare legislation and resulting changes in business practices, or changes in regulations affecting the value or use of benefits programs, any of which may adversely affect the demand for or profitability of the Company's services; (14) developments in the availability, pricing, design, tax treatment, or underwriting of insurance products, revisions in mortality tables by life expectancy underwriters or changes in the Company's relationships with insurance companies; (15) changes in premiums and commission rates or the rates of other fees paid to the Company's businesses; (16) the reduction of the Company's revenue and earnings due to the elimination or modification of compensation arrangements, including contingent compensation arrangements and the adoption of internal initiatives to enhance compensation transparency, including the transparency of fees paid for life settlements transactions; (17) the occurrence of adverse economic conditions or an adverse regulatory climate in
; (18) the loss of services of key members of senior management; (19) the Company's ability to compete against competitors with greater resources, such as those with greater name recognition; and (20) the Company's ability to effect smooth succession planning.
Additional factors are set forth in NFP's filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the year ended
December 31, 2010
, filed with the SEC on
February 10, 2011
Forward-looking statements speak only as of the date on which they are made. NFP expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.