NEW YORK, April 8, 2013 /PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, today announced that it has acquired Thoits Insurance Services, Inc. (Thoits Insurance), a leading provider of property & casualty (P&C) insurance in California. Thoits Insurance will be integrated into NFP Property & Casualty Insurance Services (NFP P&C) to establish a California regional office, responsible for the management and growth of P&C in this area. The transaction is effective April 3, 2013.
Thoits Insurance, with annualized revenue of approximately $10 million, was founded in 1891 and is currently run by Paul Saich. Mr. Saich will become Regional President of California for NFP P&C, 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 Thoits Insurance 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 Thoits Insurance brings as we continue to build out our national footprint for P&C."
Also commenting on today's announcement, Mr. Scali said, "We are thrilled to have acquired Thoits Insurance. Paul and his colleagues are the right team to expand our presence in the California market, which has been a top priority as part of our P&C expansion strategy. We are pleased to welcome them to NFP."In addition, Mr. Saich said, "Our new partnership with NFP will provide opportunities for continued growth, allow for professional development of our staff and provide our clients with an even greater level of service and platform of offerings across P&C, corporate and executive benefits, life insurance and wealth management. The Thoits Insurance team looks forward to working with NFP to ensure a successful integration."