Insurance broker NFP has announced plans to significantly scale its business operations in Ireland. This follows the recent acquisition of HMP Insurance & Pension Advisors in Dublin.

NFP is an insurance brokerage and consultancy providing specialised general insurance, group benefits, pension and individual solutions through its licensed subsidiaries and affiliates. The group has c. 5,700 employees in the UK, Ireland and across the globe.

NFP is the 5th largest benefits broker by global revenue, 10th largest property and casualty agency, 12th largest global insurance broker.

Founded in 2006 by directors David Moore and Colm Power, HMP has rebranded as NFP and Moore and Power will report to Matt Pawley, managing director of NFP’s UK & Ireland business.

The HMP operating company grew turnover 13% to €796,000 in 2018 and booked a net profit of €83,000. The payroll overhead was €416,000, with the two directors sharing €170,000 in remuneration. The company’s contribution to employee defined contribution pension plans amounted to 2.7% of turnover.

In Association with

Colm Power stated: “We will be proactively identifying further suitable acquisition targets in Ireland, particularly in the area of corporate commercial insurance. Our plans are to acquire the right business at the right time for NFP.

“There are really great businesses out there that have significant opportunities for growth, but it must represent value and more importantly it must be the right fit culturally.”

Matt Pawley commented: “We believe that investing in Ireland is strategically important as we continue to plan for the impact of Brexit on clients and our ability to serve them.

“Ireland is well placed to become a European hub for our business as we continue to expand into new geographic territories. The local market also provides great domestic business opportunities and potential with many US and global corporate HQs based here.”

Photo: David Moore (left) and Colm Power. (Pic: Peter Houlihan)