NFP Insurance president steps down

Robert R. Carter is stepping down from his role as president of NFP Insurance Services Inc., according to documents filed with the Securities and Exchange Commission last week. He will stay on as a consultant to the company for a $400,000 salary. The news of Mr. Carter's departure triggered Keefe Bruyette to downgrade NFP’s shares from “outperform” to “market perform” on Friday, which sent the stock spiraling down to about $24, the lowest level since its initial public offering in 2004. This “resignation is a sign National Financial Partners’s house is in disarray in our opinion confirming commentary we have anecdotally heard since NFP reported fourth-quarter earnings for 2007,” Keefe Bruyette & Woods Inc., a New York-based analyst, in published reports. The departure follows last month’s announcement that Jeff Montgomery quit his post as chief executive of NFP Securities in Austin, Texas and his post of chief operating officer of NFP Insurance Services. In addition, Michael Wodchis, senior VP for NFP Insurance Services has left the company, according to industry sources. NFP declined to comment on the report of Mr. Wodchis’ departure.