National Financial Partners to bolster property-casualty arm with acquisition

National Financial Partners Corp. is bulking up its presence in the property-casualty space in an effort to bolster revenue. Earlier this week, the firm announced its acquisition of Lapre Scali & Co. Insurance Services LLC, a Scottsdale, Ariz.-based property and casualty brokerage. Terrence M. Scali, chief executive of the insurance brokerage, will become CEO of NFP Property and Casualty Services Inc., one of the firm's early acquisitions. NFP's largest unit by revenue is its corporate-client group, said Jessica M. Bibliowicz, president and CEO. That unit specializes in corporate benefits, 401(k) and property-casualty insurance. Meanwhile, the individual-client group, which focuses on life insurance, annuities and long-term-care insurance, is facing pressure on its growth and margins, according to a research note from Keith Walsh, an analyst with Citigroup Inc. The terms of the Lapre Scali acquisition weren't disclosed, but Mr. Walsh estimated a purchase price of $32 million to $42 million. “Property-casualty is a natural fit to help us continue to diversify,” Ms Bibliowicz said. “”Life [insurance] is still very important to us, but by diversifying, we're ensuring we can provide a full range of corporate client services.” Ms. Bibliowicz noted that while the property-casualty market has been soft, Mr. Scali's firm has managed to remain profitable. “He's a good acquirer of business, and his attraction to NFP is that we have a strong base of corporate clients,” she said. “We hope the market hardens a little bit in property-casualty.”