NFP: insurance broker profile

Overview

NFP is a middle-market insurance broker and benefits consultant that has been part of Aon since April 2024. It still trades under its own name and describes itself on its website as "NFP, an Aon company." It serves companies and individuals with what it calls Risk Capital (property and casualty coverage, specialty lines, personal risk) and Human Capital (employee benefits, executive benefits, life insurance, retirement advisory and talent solutions) services, with offices across the United States, Canada, the United Kingdom and Ireland.

Because Aon is public and NFP is no longer a stand-alone filer, NFP does not publish its own revenue. Its results are folded into Aon's 2025 revenue of $17,181 million. Neither Aon nor NFP gives a current headcount that we could find. Trade coverage at the time of the purchase put NFP at more than 7,700 colleagues, which predates the 2025 wealth sale described below and should be read as a historical figure only.

History

We could not confirm a founding year from NFP's current pages, so this profile does not state one. The firm grew by buying benefits, insurance and wealth practices, and for years was owned by private equity funds. In its final ownership period before Aon, the sellers were Madison Dearborn Partners and funds affiliated with HPS Investment Partners.

Aon agreed to buy NFP in December 2023, with a headline value of about $13.4 billion in cash and stock. Aon completed the purchase on April 25, 2024 and, in its closing announcement, put the enterprise value at $13.0 billion: $7.0 billion in cash and assumed liabilities and $6.0 billion in equity, paid with about 19 million Aon shares. Aon said the deal closed faster than it had expected. The two figures differ because of share-price movement and how each is measured. The accounting purchase price in Aon's 2024 Form 10-K is stated on yet another basis, so quote any figure together with its source.

Services

On the Risk Capital side, NFP's brokers place property, casualty and specialty coverage for mid-sized companies and arrange personal-lines coverage for owners and executives. On the Human Capital side, its consultants design and place group health, dental, disability and life coverage, advise on retirement plans and sell executive benefits and individually owned life insurance. NFP also lists talent solutions among its offerings.

NFP formerly had a large wealth management arm. In 2025 Aon sold most of it, which is covered under Recent deals. Wealth advice is therefore no longer a major part of what an NFP office offers a business client.

Who it serves

NFP's core client is the middle-market employer: a company too large for a simple package policy and too small for a global program run from a risk manager's office. It also places smaller accounts through local offices. Since the acquisition, Aon says NFP delivers Aon's Risk Capital and Human Capital capabilities to the middle market while keeping an "independent and connected" identity, meaning local NFP offices keep local relationships and can draw on Aon's analytics, placement capacity and reinsurance relationships.

How NFP operates now is a leadership question as much as a legal one. On August 19, 2026, NFP and Aon announced that Doug Hammond, NFP's chief executive since before the acquisition, had become Global Executive Chairman of Aon's middle market, reporting to Aon chief executive Greg Case. Mike Schneider, who joined NFP in 2003 and had led its U.S. Central and West regions, became CEO of Middle Market, North America, for both Aon and NFP, reporting to Anne Corona, Aon's CEO of North America. Ethan Foxman became president of the segment and Mike James chief growth officer. The announcement placed all three on Aon's North America Executive Committee, and in the UK and Ireland NFP's managing director now reports to Hammond. In short, the NFP management line now runs through Aon rather than ending at an independent NFP board.

Buyers who want a comparison with other firms that sell to the same market can read how to choose a commercial insurance broker and independent agent, broker, captive agent or direct?.

How it is paid

NFP does not publish its own compensation disclosures as a separate registrant. Aon's 2025 Form 10-K describes its brokers as earning revenue primarily through commissions paid by insurers and reinsurers and through fees paid by clients for advice and consulting, and NFP's benefits and property-casualty work is paid in the same two ways. We did not find an NFP-specific statement on contingent or supplemental commissions, so we do not describe one. A client can ask any NFP office for a written compensation disclosure covering commissions, fees and any insurer incentive payments tied to its placement. how commercial insurance brokers get paid explains the models.

Recent deals

• Aon acquisition (completed April 25, 2024): described above. Aon said NFP would operate as an independent and connected platform, and that it would use its Aon Business Services platform to scale capabilities for small and middle-market clients across both firms.
• Wealth sale (announced September 3, 2025, completed October 30, 2025): Aon sold the significant majority of NFP's wealth businesses, including Wealthspire Advisors, Fiducient Advisors and Newport Private Wealth, back to Madison Dearborn Partners. Trade coverage put total consideration at about $2.7 billion. Aon's January 30, 2026 results release reports the gain for the year.
• Leadership reorganization (August 19, 2026): the middle-market structure described above, which combines Aon's and NFP's North American middle-market leadership.

Aon also announced on August 31, 2026 an agreement to buy USI Insurance Services, a deal that was pending when we checked and which would put another large U.S. middle-market broker beside NFP. See private equity and the consolidation of insurance brokers for context.

Strengths and weaknesses

• Strengths: a middle-market focus with benefits and property-casualty under one roof; access to Aon's analytics and global placement capacity; local offices that keep their own relationships.
• Weaknesses: the ownership and leadership structure has changed repeatedly since 2024, which can make it hard to tell which Aon or NFP entity holds a client relationship; wealth management is largely gone; and NFP's own results cannot be separated from Aon's, so there is no independent revenue or headcount figure to check.

Before moving a program to or from NFP, confirm which legal entity will be broker of record, who will service the account, and how that office is compensated.

How to contact NFP