NFP Acquires The Hyde Agency
Acquisition strengthens NFP's insurance product offerings for the construction industry
NEW YORK – May 7, 2018 – NFP, a leading insurance broker and consultant that provides employee benefits, property & casualty (P&C), retirement and individual private client solutions, today announced that it has acquired The Hyde Agency ("Hyde"). The transaction closed effective April 1, 2018.
Located in Chatham, New Jersey, Hyde is a P&C broker and bond agent specializing in surety bonds for the construction industry, with additional capabilities in commercial P&C. Hyde's clientele includes contractors in the New York metropolitan area and, more broadly, large and middle-market contractors throughout the Northeast. Principals of the firm Daryl LaForge, John Hyland and Tom Henn will become senior vice presidents in NFP's P&C division, reporting to Ed O'Malley, executive vice president and head of insurance brokerage and consulting at NFP.
"We're thrilled to have The Hyde Agency join our NFP family," said O'Malley. "This deal allows us to strengthen our expertise in specialty lines and broaden our offerings in the construction space, an attractive specialty for NFP and an area of continued focus and investment."
"Our group brings extensive experience in underwriting the surety bond requirements of construction contractors and other users of contract and commercial surety bonds," said Hyland. "We look forward to contributing our expertise and helping to expand NFP's offerings in the high-end construction space."
At NFP Corp., our solutions and expertise are matched only by our personal commitment to each client's goals. We're a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates.
NFP has more than 4,000 employees and global capabilities. Our expansive reach gives us access to highly rated insurers, vendors and financial institutions in the industry, while our locally based employees tailor each solution to meet our clients' needs. We've become one of the largest insurance brokerage, consulting and wealth management firms by building enduring relationships with our clients and helping them realize their goals.
Recently NFP was ranked the 4th largest U.S.-based privately owned broker, the 5th largest benefits broker by global revenue and the 5th best place to work in insurance by Business Insurance, the 9th largest property & casualty agency by total 2016 P&C revenue and the 9th largest commercial lines agency by total 2016 P&C and commercial lines revenue by Insurance Journal, the 10th largest employee benefits broker by Employee Benefit Adviser, the 11th largest global insurance broker by Best's Review and the 12th largest broker of U.S. business by Business Insurance.
For more information, visit NFP.com.
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