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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. Jessica Bibliowicz 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.
We also acquired Fusion into or advisor services group, where we expect adjusted EBITDA margin accretion of 75-100 basis points in 2013 from that transaction. For the remainder of the year, our acquisition focus is on transactions in the corporate client group, specifically property and casualty as well as management contract buyouts. We expect to continue to use cash for acquisitions.Turning to slide 10, we are proud of NFP’s recent industry recognition. We are number eight on Business Insurance’s 100 Largest Brokers of U.S. Business and we are the ninth top global insurance broker ranked by Best Review. This recognition results from our growing scale and One NFP operating and branding initiative. We want to thank everyone on our team for their participation in making NFP a recognized industry leader. At this time, I would like to turn the call over to our president, Doug Hammond. Doug Hammond Thanks Jessica, and good morning everyone. Our solid results in the first quarter continued in the second. This morning, I’ll focus on our key business drivers and update our outlook for the remainder of the year. You can see on slide 12 NFP’s three business segments and their percentage contribution for the second quarter. The corporate client group, which includes our corporate and executive benefits and property and casualty business, represented 44.1% of total revenue, with 7.2% organic revenue growth. The individual clients group, which includes wealth management and retail and wholesale life insurance, represented 31.6% of total revenue, with organic revenue growth of 1.5%. And the advisor services group, which includes our broker-dealer and corporate registered investment advisor, represented the remaining 24.3% of total revenue, with a 1.9% decline in organic revenue. Turning to slide 13, the corporate client group continued to perform well, with solid organic revenue growth. Our CCG Advisors are focused on delivering comprehensive client solutions while partnering with our clients to help them navigate the complex healthcare landscape in the years ahead. Read the rest of this transcript for free on seekingalpha.com