NFP acquires one of the largest brokers in Staffordshire

UK and Ireland managing director John Paul Allcock said the deal was right in its ‘sweet spot’ and made geographic sense.

He added: “It’s a broker known for its good reputation. It’s a different geographical area as well. At the moment we have got two offices in Birmingham. And we bought KGJ in Wolverhampton.

“We always wanted representation outside of the Midlands and it gives us that, and also really good staff. All brokers are the moment are struggling for really good quality account handlers, account executive etc. It really gave us another good area of representation.”

Bentley Insurance Services is the trading name of the acquired company Mason James Insurance Services, which NFP described as ‘one of the largest brokers in Staffordshire’.

The deal means NFP now controls around £120m premium in the UK, according to Allcock.

NFP is a global broker that has been backed by Ardonagh investor Madison Dearborn Partners since 2013.

The private equity giant led a refinancing consortium in March last year.

Explaining the broker’s M&A strategy, Allcock said Bentley fits in well.

He said: “We are not a consolidator. We are not looking at saving costs. We look to invest. First technology, or give them extra capacity, extra service.

“Bentley meets that nice sweet spot where we can make an improvement straight away.”

Although Allcock says he is under no pressure or targets to make acquisitions, NFP has made multiple acquisitions in the last two years.

It has acquired Birmingham broker ER Shaw; Dublin-based brokers Aiken Insurance Limited and ReSure Corporate Brokers; as well as KGJ Insurance Services Group.

He said: “We’ve obviously got a pipeline. The next ones will close probably in the first quarter of 2023.”

Bentley will maintain its local office presence in Staffordshire, and all existing Bentley customers will continue to be advised and managed by their current broker.

“We’re excited to join the NFP family and collaborate with colleagues that share our commitment to providing client-centric solutions and maintaining a people-first work culture,” said Bentley managing director Mike Rostron.

“This incredible opportunity also allows us to offer our clients access to NFP’s broad network of integrated insurance, benefits, wealth management and retirement solutions.”

As well as its acquisition strategy, NFP has a ‘selected wholesale’ broking strategy to work with UK brokers.

Allcock said: “We wholesale motor trade. We’ve got our own in-house underwriters for Allianz.

“So we do have the pen with them. Through KGJ we’ve got our pen on the marines and associated trades, but we don’t wholesale any other business. It is selected wholesale.”

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