NFP Acquires The Wood Insurance Group, Inc.

NEW YORK, Aug. 15, 2013 /PRNewswire/ -- National Financial Partners Corp. (NFP), a leading provider of benefits, insurance and wealth management services, today announced that it has acquired The Wood Insurance Group, Inc. (WIG), a leading provider of professional liability insurance. WIG will be integrated into NFP Property & Casualty Insurance Services, Inc. (NFP P&C) to establish a national premier medical malpractice division. The transaction closed on August 8, 2013.

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WIG was founded in 1986 by David A. Wood. Mr. Wood will become Managing Director, Medical Professional Liability for NFP P&C, reporting to Terrence M. Scali, Chief Executive Officer of NFP P&C. WIG is located in Phoenix, AZ, and will move its operations into NFP P&C's existing Scottsdale, AZ, office later this year.

Commenting on today's announcement, Douglas W. Hammond, Chairman & Chief Executive Officer, said, "We are pleased to welcome David and his colleagues at WIG to the NFP family.  The WIG transaction is consistent with our strategy to continue to build scale in our property and casualty business through the acquisition of outstanding companies that complement our client offering. We are excited about the value WIG brings in the medical malpractice space as we continue to build out our national expertise in P&C."

Also commenting on today's announcement, Mr. Scali said, "We are thrilled to have acquired WIG. David and his colleagues are the right team to expand our presence in the medical malpractice space, which gives us a natural cross-sell for our network of NFP advisors currently working with physicians across the country."

In addition, Mr. Wood said, "Our new partnership with NFP will provide opportunities for continued growth, allow for professional development of our staff and provide our clients with an even greater level of service and platform of offerings across P&C, corporate and executive benefits, life insurance and wealth management. The WIG team looks forward to working with NFP to ensure a successful integration."

ABOUT NFP
National Financial Partners Corp. (NFP) and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering with them to preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP's national scale and resources. NFP operates in three business segments. The Corporate Client Group provides corporate and executive benefits, retirement plans and property and casualty insurance. The Individual Client Group includes retail and wholesale life insurance brokerage and wealth management advisory services. The Advisor Services Group serves independent financial advisors by offering broker/dealer and asset management products and services. Most recently NFP was ranked in the top 10 on Business Insurance's 100 Largest Brokers of U.S. Business and Best's Review's Top Global Insurance Broker lists; second on Business Insurance's Largest Agents and Brokers Headquartered in the U.S. Northeast; it operates the third largest executive benefits provider of nonqualified deferred compensation plans by total clients, as ranked by PlanSponsor; and operates a top 10 independent broker/dealer as ranked by Investment Advisor. NFP is also a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.

SOURCE National Financial Partners Corp.