Skadden Advises NFP Acquisition of BWD
NFP, a leading insurance broker and consultant that provides employee benefits, property & casualty (P&C), retirement, and individual insurance and wealth management solutions, has acquired BWD Group, LLC (BWD), which allows it to significantly expand its national P&C capabilities and its Northeast employee benefits resources.
“The BWD acquisition marks a tremendous milestone in growing NFP’s P&C operation to complement our significant benefits and individual solutions presence”
BWD, located in Plainview, NY, is a nationally recognized leader in P&C and employee benefits brokerage and consulting with proprietary programs and specialties in the sports, entertainment and publishing industries. BWD is known in the industry for its exceptional client service to large corporate clients and specifically to some of the nation’s top sports leagues and teams. In addition to advancing NFP’s P&C capabilities, the acquisition will allow BWD to continue to enhance its services and value proposition to its clients by leveraging NFP’s complementary resources, scale and broad distribution.
BWD’s principals will join NFP’s leadership team as Managing Directors. Roger and Marc Blumencranz and Stuart Wilkins will each become Managing Director, NFP Property & Casualty, New York Metro. Eric Blumencranz will become Managing Director, NFP Corporate Services (NY). BWD’s management will supervise NFP’s combined New York P&C presence, and the collective New York P&C operation will report to Terrence Scali, Chief Executive Officer, NFP Property & Casualty. The combined New York benefits operation will report to William Austin, Managing Director, NFP Corporate Services (NY).
“The BWD acquisition marks a tremendous milestone in growing NFP’s P&C operation to complement our significant benefits and individual solutions presence,” said Douglas W. Hammond, Chairman and Chief Executive Officer of NFP. “BWD has a national reputation for providing sophisticated P&C and benefits services, and its team is widely respected in our industry for its commitment to clients and the development of innovative insurance solutions. We are pleased to welcome BWD and its talented employees to the NFP family. In addition, we are excited that the next generation of family members, Adam Blumencranz and Adam and Brian Wilkins, will continue in the business and are committed to our long-term success.”
BWD’s principals jointly commented, “Becoming part of NFP enables us to take BWD to the next level. We look forward to the great benefits and enhanced business development opportunities NFP will bring to our organization through its expansive footprint and supportive work environment. Access to NFP’s resources enables us to become even more effective advocates for our clients both on Long Island and across the globe.”
BWD’s President, Roger Blumencranz, who represents the second of the four generations that have shaped BWD’s long-term and highly evolved infrastructure added, “We are excited for what BWD and our employees have to gain from NFP and what we have to offer NFP’s P&C division with our specialized services in the sports and entertainment world. We look forward to expanding this division with NFP and becoming a larger force in the insurance industry.”