NFP Acquires Lane McVicker, LLC
NEW YORK, Oct. 2, 2012 /PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, today announced that it has acquired Lane McVicker, LLC (LMV), a leading provider of personal lines property & casualty insurance to high net worth clients. LMV will be integrated into NFP Property & Casualty Services, Inc. (NFP P&C) to establish a national platform that delivers superior service, competitive pricing and technical competence for private clients. The transaction is effective October 1, 2012.
LMV, with annualized revenue of approximately $8 million, was founded in 1999 by president and chief executive officer Keith McVicker. LMV has a strong track record of helping individuals, family offices and financial advisors with personal lines property & casualty solutions. LMV has nine offices, including its New York City headquarters, and a national network of professionals. Mr. McVicker will serve as a consultant to NFP P&C. LMV's four other employee-owners, Michael Carmody, Amy Ciasulli, Gilbert Lai and Brett Woodward, will become Senior Vice Presidents of NFP P&C, leading its high net worth personal lines division and reporting to Terrence M. Scali, chief executive officer of NFP P&C.Commenting on today's announcement, Douglas W. Hammond, president and chief operating officer, said, "The LMV transaction is consistent with our strategy to continue to build scale in the property and casualty business through the acquisition of outstanding businesses that complement our client offering. We are excited about the value LMV brings to NFP P&C as we continue to build on the quality and diversity of services we offer our high net worth clients." Also commenting on today's announcement, Mr. Scali said, "We are thrilled to have acquired LMV. Keith and his colleagues are among the best personal lines professionals in the business and we look forward to them joining our team. This transaction enhances our capabilities to serve our private client initiative nationwide."
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