Why U.S. brokerage made its first Canadian P&C acquisition

Dalton Timmis Insurance Group’s technological capabilities and its “unique abilities” in motorcycle and transportation insurance were among the factors that made it an ideal acquisition target for U.S. brokerage NFP Corp., the president of NFP in Canada said Wednesday.

Marty Shaw told Canadian Underwriter that NFP’s strategic acquisition is the first Canadian P&C acquisition for the company, making it “cross-border capable.” As well, NFP now has a foothold in Alberta and Ontario, two of Canada’s largest provinces.

Dalton Timmis’ group home and auto offerings and their online ability to do quick binding were other appealing factors, Shaw said, adding that the U.S. brokerage is also considering the possibility of further acquisitions of Canadian companies.

Each company’s names will stay the same “for now,” although there is “such goodwill there” that some brands may remain with Dalton Timmis. “We’re always looking,” for new offerings, Shaw said when asked if new products are being considered.

Dalton Timmis principals Brian Timmis, Domenic Tesone and Greg Padovani will join the executive leadership team of NFP in Canada, reporting to Shaw. The Canadian brokerage’s senior leadership team of Tara Carruthers, Josh Pauls and Dan Avon will also join NFP as vice presidents.

NFP is a brokerage and consultant with more than 3,800 employees. It operates in the United States, Canada, the United Kingdom and Puerto Rico and provides P&C insurance, employee benefits, retirement and individual private client solutions. “We want to line up and have the same capabilities everywhere that we are,” Shaw said. “We found an excellent platform to grow our business.”

Dalton Timmis is based in Ancaster, Ont. and has expertise in trucking and transportation. The brokerage has additional offices in Ontario (Burlington, Mississauga and Midland) and Alberta (Edmonton and Calgary).

NFP initially announced the acquisition earlier this week, although the transaction closed on Dec. 7.