National Canadian brokerage reports 110% revenue increase

NFP has grown dramatically in Canada over the last three years, with a 110% expansion in revenue, the large national brokerage reported late last month.

“NFP in Canada is 20 times larger than it was five years ago,” Scott Saddington, chief operating officer of NFP in Canada, said in a press release July 26.

To reflect its growing presence, NFP said it will open a new corporate office in downtown Toronto. The P&C brokerage, benefits consultant, wealth manager and retirement plan advisor signed a 10-year lease for 13,000 square feet in First Canadian Place, a high-profile office complex in Toronto’s financial district.

NFP outgrew its current office space, and continues to acquire companies and add new employees in Canada. The new office has the capacity for 65 employees, and provides more space for meetings with clients and partners.

“It is our priority to build a unified, national business platform in Canada that elevates our ability to deliver tailored solutions that enhance client success,” said John Haas, president of NFP in Canada. “While NFP has maintained a presence in Toronto for years, this new space allows the company to bring together team members across business segments in a collaborative, multidisciplinary environment. Additionally, the multiple client-focused meeting rooms will serve as a critical hub, connecting clients, the NFP team and insurance companies.”

The P&C brokerage, benefits consultant, wealth manager and retirement plan advisor has more than 6,900 employees globally, including more than 1,000 based in Canada.

In addition to its new office space, NFP has also invested in personnel. On Aug. 2, the brokerage announced it had appointed Pamela Derksen as deputy chief compliance officer in Canada.

With 25 years experience in the insurance industry, Derksen will develop corporate policies and procedures, and represent NFP to Canadian regulators, NFP said in a press release. She will also interpret the impact of complex regulations and assess emerging legislation and trends across the insurance landscape.

Derksen joins NFP in Canada from Cowan Insurance Group, where she served as vice president of brokering and insurance relationships for personal and commercial lines. Prior to this, she was vice president of operations, broker policy and administration systems for Economical Insurance.

In total, Derksen brings 25 years of insurance industry experience, from commercial underwriting in western Canada to a variety of operational and corporate leadership roles with large national carriers.

She will report to Suzanne Spradley, NFP’s senior vice president, chief compliance officer, and associate general counsel.

Derksen holds both the Chartered Insurance Professional and the Fellow Chartered Insurance Professional designations from the Insurance Institute of Southern Alberta. She earned her bachelor’s degree in economics and political science from the University of Calgary and a certificate in executive leadership from McMaster University in Hamilton, Ont. She is also a board member of the Oxford-Elgin Child and Youth Centre in Ontario.

The appointment comes two months after NFP said Emily Horsman had joined the brokerage as head of Canadian national broking. In May, NFP formed a new executive leadership team in Canada as the company continues to grow and expand in the country.

 

Feature image by iStock.com/Steven_Kriemadis