Our second quarter earnings conference call will be accompanied by a presentation that is available for download on the Investor Relations section of NFP’s website or upon connecting to the audio webcast of this call at the same website. A reconciliation of the non-GAAP measures discussed on this call can be found in the presentation or in the quarterly financial supplement, which is available at the same website.
At this time, I’d like to turn the call over to our CEO, Jessica Bibliowicz, and her presentation starts on slide seven.
Great, thanks Abbe and good morning all. Our second quarter was a strong quarter for NFP. We reported revenue growth of 6.7%, organic revenue growth of 4.1%, growth in adjusted EBITDA of almost 10%, and margin expansion. Most of the growth during the second quarter was driven by the corporate client group’s organic revenue growth of 7.2% and acquisition growth.Turning to slide eight, we continue to enhance our business while positioning NFP for future growth. NFP operates from a position of strength, largely due to our diversified product and service offerings and our increasing recurring revenue. For the second quarter of 2012, recurring revenue accounted for 65.6% of total revenue, an increase from 61.8% in 2011. Turning to slide nine, in the first half of the year we’ve made good progress with our share buyback and acquisition activity. As of June 30, 2012, we used approximately $14 million to repurchase shares. This includes $6.1 million from our new buyback authorization. Year to date, we have used $65.5 million for acquisitions in corporate benefits, property and casualty, and within our advisor services group. This amount also includes several management contract buyouts. Included in our acquisitions were a couple of unique opportunities where we bought businesses where we have enjoyed longstanding, exclusive relationships. Specifically, we purchased the outstanding interest of Nemco and merged it into our New York office, which is now one of the largest corporate benefits providers in the New York metro area.