Rhodes & Williams Ltd., an Ottawa-based insurance broker established in 1935, has been acquired by global property and casualty broker NFP.
“We’ve worked diligently to identify the right partner to expand our presence in Ottawa and we’ve found it in Rhodes & Williams,” said John Haas, president of NFP in Canada. “Their excellent reputation, relationships and results across the region will accelerate our growth and bring additional value to NFP’s clients in Canada.”
Over more than eight decades, Rhodes & Williams grew to become one of the largest independently owned insurance brokerages in Ontario. The leadership team, along with all other shareholders and employees of Rhodes & Williams, will join NFP.
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“This transaction will bring immense value to our clients by giving them access to additional markets and products, cross-border capabilities and added expertise across NFP,” said Trent Young, president of Rhodes & Williams, in a news release announcing the transaction Thursday.
The transaction closed May 24. Financial terms were not disclosed.
NFP is a property and casualty broker, benefits consultant, wealth manager and retirement plan advisor. The acquisition of Rhodes & Williams aligns with “the company’s strategy of building a unified national platform,” NFP said.
NFP has more than 7,400 global employees, including more than 1,000 employees in Canada. It is ranked by Business Insurance as the seventh largest privately owned broker, fifth largest benefits broker by global revenue, and 13th largest broker of U.S. business.