First Person Advisors, an Indianapolis-based employee benefits and compensation advisory firm, has been acquired by New York City-based NFP Corp., one of the nation’s largest insurance brokerages, the companies announced Tuesday morning.
Financial terms were not disclosed.
First Person, founded in 1997 by Bryan Brenner, is expected to keep operations in Indianapolis. Under the deal, NFP will keep all 55 First Person employees.
Brenner, who launched First Person at age 24, will stay on as an NFP managing director. Mark Minner, president and chief strategy officer of First Person, will become an NFP senior vice president.
The deal will give NFP—formerly known as National Financial Partners—a toehold in Indianapolis, a market with a growing professional employee base.
For First Person, the deal will provide a wider array of product lines in addition to its core products of compensation, benefits, human resources and health strategy.
NFP, with 5,800 global employees, also deals in property and casualty insurance, corporate benefits and retirement counseling.
Brenner said he had been in discussions with NFP for several years. “I’m thrilled the timing is finally right with respect to the state of the market, NFP’s growth and First Person’s trajectory,” he said in written remarks.
First Person’s clients include Allied Solutions, the city of Westfield, Community Health Network, Emplify and Lessonly.
Mike Schneider, president of NFP’s central region, said his firm had been actively pursuing First Person for several years.
“There is no other firm that combines the strength of NFP’s national specialty practices with the growth mindset of First Person,” he said in written remarks.
NFP calls itself the nation’s fifth-largest benefits brokers by revenue, but did not disclose its revenue. According to Dun & Bradstreet, it had revenue of $1.93 billion in 2019. First Person had annual revenue of $13.2 million in 2019.