Insurance company National Financial Partners Corp. (NFP) has acquired EBS/Foran Insurance and Advisory Services Inc., adding to a wave of industry consolidation.
EBS/Foran, headquartered in Northborough, Massachusetts, specializes in designing health and welfare benefit plans for employers.
NFP expects the acquisition to expand its employee benefits offerings. The New York-based buyer provides benefits, property and casualty and life insurance.
The insurance sector has been consolidating for years. Recent transactions have come from serial acquirers Hub International, which bought MGA Partners Inc. earlier in December, and Confie Seguros, which bought three insurers in November.
For more on the insurance sector, see Racking Up Regional Insurers.