NEW YORK - MARCH 10, 2020 - NFP, a leading insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement, and individual solutions, announced that it has received the American Bankers Association’s (ABA) exclusive endorsement for Bank-Owned Life Insurance (BOLI) and Executive Benefits. The endorsement, previously awarded to Equias Alliance, is being transferred to NFP as a result of NFP’s acquisition of Equias.
The ABA endorsement distinguishes solutions that are comprehensive, rigorous and best-in-class for a range of banking institutions. In particular, ABA found Equias’ in-house administration services and strong technical expertise to be exemplary and ranked them first in several key categories, including number of BOLI placements and nonqualified plans designed, client satisfaction, and administration service professional experience.
After transitioning Equias’ benefit and BOLI portfolio service capabilities and highly experienced consultants into the organization over the past two years, NFP now serves 1,250 banks, making it the nation’s largest provider of BOLI services, including benefits and regulatory compliance support. Because BOLI and nonqualified plan compliance is complex, NFP’s turnkey approach to navigating rules and regulations creates significant value for bank clients and their professional advisors, auditors, and examiners.
“ABA endorsed NFP after reviews showed they attained the highest ratings on plan strategies and design, administration, and customer service. Their expertise in BOLI and executive benefits continues to add great value and expertise to our members in this market,” said Jim Edrington, EVP & Chief Member Engagement Officer at ABA.
“We’re honored to have this prestigious endorsement and recognition from the American Bankers Association,” said Joe Carpenter, president of NFP’s Executive Benefits division. “Day in and day out, we work tirelessly on behalf of our clients to ensure they receive personalized life insurance and executive benefits solutions that advance their growth and success. I’m immensely proud of our team, including everything Equias has brought to NFP.”
“We know banks need to provide a competitive, cost effective suite of employee benefits, and our ability to meet this need remains at the forefront of the industry. The executive benefits solutions we create ensure long-term financial stability and help our clients attract and retain top talent, both of which enhance their long-term financial results. The ABA’s endorsement of how we do business is a testament to our team’s consummate professionalism, hard work, and commitment,” said David Shoemaker, managing consultant for NFP’s Executive Benefits division.
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,600 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 6th largest US-based privately owned broker, and 8th best place to work in insurance (Business Insurance); 10th largest property and casualty agency (Insurance Journal); and 13th largest global insurance broker (Best’s Review).