Fort Worth’s AutoGroup Services acquired

New York-based NFP Corp., an insurance broker and consultant, announced June 25 it has acquired Fort Worth-based AutoGroup Services (AGS).

Founded in 2000, AGS consults with auto dealerships to maximize the profitability of their finance and insurance departments. The firm develops dealership programs with products such as extended warranties and gap insurance, and provides reinsurance services for the auto dealer groups. Managing partners Lyle King and Brian LoBaugh, as well as President Tim Weymouth, will each assume the role of senior vice president at NFP Property & Casualty, where they will report to Terrence Scali, chief executive officer, NFP Property & Casualty. The transaction closed on May 1, 2015. No price was given for the transaction.

“Joining NFP allows us to expand the potential reach of our services, while broadening the range of solutions we can bring to our current client base,” said King.

NFP provides employee benefits, property & casualty, retirement, and individual insurance and wealth management solutions.

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Recently NFP was ranked by Business Insurance as the fifth largest global benefits broker by revenue,

the fourth largest US-based privately owned broker and the 11th largest broker of US business. In addition, PlanSponsor named the company the fifth largest executive benefits provider of nonqualified deferred compensation.