Johnson Fleming, the UK employee benefits and financial advice specialist, has been acquired by NFP, a major insurance broker and consultant in the US.
The deal means that the UK-based firm becomes part of the world’s fifth largest benefits broker by global revenue and the sixth largest US-based privately owned broker.
The deal also gives NFP, which employs over 5,600 individuals across the globe, a larger footprint in the UK employee benefits market, after it acquired Mackenzie Taylor Benefits Consultants in 2015.
The transaction – which has now closed – will see Simon Fletcher, CEO of Johnson Fleming, now report to Matt Pawley, NFP’s senior vice president, international benefits consulting.
Johnson Fleming principals Iain Chadwick, consultancy director, and Tom Claridge, customer services director, will continue to lead their respective practice areas as part of the transaction.
Pawley said: “We are thrilled to welcome Johnson Fleming to the NFP family as we further expand our UK footprint.
“The team brings expertise, capabilities and relationships in the benefits and pension markets that will elevate our scale and create new paths for growth.”
Fletcher said that the deal would give Johnson Fleming access to “a new level of resources and support” and is “a great step” for the organisation and its clients.
He said: “NFP will make us even more effective in helping employers enhance their competitiveness by designing attractive benefits and engagement programs for their employees.
“We appreciate the opportunity to work with Matt and his team and contribute to NFP’s growth and client service focus.”