NEW YORK, Jan. 9, 2012 /PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, today announced the acquisition of AGS Benefits Group, LLC (AGS Benefits). Simultaneously with this acquisition, NFP acquired the management company of Dreyfuss & Birke, Ltd. (NFP Dreyfuss & Birke), a wholly-owned subsidiary of NFP since 2003, and combined NFP Dreyfuss & Birke with AGS Benefits. This combination establishes a major NFP-branded corporate benefits presence in New York. These transactions closed on January 3, 2012.
William Austin, Jordan Gray and Markum McCormick, managing directors of AGS Benefits, along with Paul Schnell, president of NFP Dreyfuss & Birke, will become managing directors, reporting to Ed O'Malley, president, NFP Corporate Client Group.
These combined operations have annualized revenue of approximately $18 million. AGS Benefits, with annualized revenue of approximately $12 million, is a full service corporate benefits brokerage and consulting firm headquartered in New York City, with an office in Boston, and has been a member of the NFP Benefits Partners marketing organization since 2008. NFP Dreyfuss & Birke is an insurance brokerage and consulting firm based in New York City.Commenting on today's announcements, Jessica M. Bibliowicz, chairman, president and chief executive officer of NFP, said, "We welcome AGS Benefits to NFP, who, along with NFP Dreyfuss & Birke, are among the highest quality corporate brokerage and consulting firms. These transactions underscore our strategy to acquire and combine outstanding businesses under strong management teams in order to efficiently expand NFP's customer value proposition and our scale. We look forward to pursuing these opportunities under the leadership of Bill, Jordan, Mark and Paul." Also commenting, Mr. Schnell said, "As a part of NFP for many years, we are thrilled to combine with AGS Benefits under the NFP brand in order to expand and improve our client offering and better coordinate our growth initiatives. Bill, Jordan and Mark built AGS based upon integrity and creativity, qualities that are also important in the NFP culture."
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