NFP, a leading insurance broker and consultant that provides property and casualty, corporate benefits, retirement, and individual solutions, has acquired Improved Funding Techniques Inc. (IFTI).
IFTI is a third-party administrator (TPA), with an internal RIA, offering a consolidated solution for designing, implementing and administering retirement plans for privately owned business.
The acquisition also advances NFP’s existing internal TPA expertise, while adding complementary defined benefit plan capabilities that can be leveraged across the entire organisation. NFP serves clients through more than 260 offices across the United States and 45 international offices in the UK, Ireland, Puerto Rico and Canada.
Delivering value to businesses of all sizes
Daniel Bystrom, IFTI’s president, will join NFP as a senior vice president reporting to Nick Della Vedova, president of NFP Retirement. Bystrom and the IFTI team will collaborate with NFP’s team in the Northeast region on opportunities to introduce unique solutions across the NFP Retirement distribution network.
“We’re excited to welcome Dan and the entire IFTI team to NFP,” said Della Vedova, President at Retirement Plan Advisory Group. “Their excellent relationships across the region, together with their unique and comprehensive defined benefit plan design, implementation and administration capabilities, will enhance our ability to deliver value to businesses of all sizes, including larger manufacturing companies as well as professional services firms such as medical and law practices.”
Driving growth in a dynamic environment
With over 6,000 employees, NFP is the 5th largest benefits broker by global revenue, 6th largest US-based privately owned broker, and 9th best place to work in insurance (Business Insurance); 9th largest commercial lines agency by P&C commercial lines revenue and 10th largest property and casualty agency (Insurance Journal); and 13th largest global insurance broker (Best’s Review).
"We’re thrilled to be joining NFP and to have the opportunity to work with Nick and NFP’s team of retirement specialists,” said Bystrom. “Our team of consulting and actuarial experts who specialise in the design, installation and administration of employee benefit plans will complement NFP’s commercial P&C, group benefits and executive benefits solutions, and benefit clients working hard to compete for talent and drive growth in a dynamic environment.”