US insurance broker NFP buys Dublin health and life adviser

New York-based insurance broker NFP, which entered the Irish market in 2020, has acquired Dublin-based health and life insurance adviser Tailored Finance for an undisclosed sum.

NFP moved into the Republic in 2020 through the purchase of HMP Insurance and Pension Advisors and followed up with three more deals, at a total cost of €45 million.

The president of NFP Europe, Matt Pawley, said last month the company had two further details in the works. The Tailored Finance deal is one of these.

Established in 2008, Tailored Finance is among the leading independent health insurance brokers in the Irish market, generating gross written annual premiums last year valued at €25 million.

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The wider Irish market has seen a flurry of broker deals in the past six years as it followed waves of consolidation in the UK and North America. The ultimate backers of most of the purchasing vehicles are private equity firms, attracted to a sector that is fee-based and delivers steady revenues through the economic cycle. This allows buyers to service the debt needed to finance further deals.

NFP is backed by US private equity firms Madison Dearborn and HPS Investment Partners.