NFP, a U.S. insurance broker, announced Feb. 5 that it has expanded its group benefits business in Canada with the recent acquisition of Ottawa-based Capital Benefit Financial Group. The transaction closed on Dec. 14, 2017.
Capital Benefits specializes in group benefits and retirement consulting for individuals and businesses in and around Ontario. Principals of the firm, Marc Lajoie and Leo Grace, will join NFP as managing director and director of Eastern Ontario, respectively, reporting to Marty Shaw, President of NFP in Canada.
Expanding its presence in Canada
“We’re happy to welcome the Capital Benefits team to the NFP family,” said Shaw. “The team brings strategic insight on employee engagement with respect to benefits and retirement needs in Ontario, which enables NFP to strengthen its current capabilities and expand its presence in Canada.”
In its May 2017 issue, The Insurance and Investment Journal highlighted the growing trend of consolidators, such as NFP, buying up group insurance firms.