American insurance broker NFP has acquired Canadian group benefits and retirement planning firm Elective Benefit Services for an undisclosed sum.

Headquartered in Waterloo, Ontario, Elective Benefit has been in business since 1991. It offers consultation, financial planning, and administration support to its customers.

Services offered by the Canadian company include fully insured plans, administrative services only (ASO), and health spending accounts (HSA).

It also offers employee assistance plans (EAP), pension, registered retirement savings plan (RRSP), deferred profit sharing plan (DPSP), and retirement counselling.

Elective Benefit president Harold McAdam said: “NFP continues to invest in benefits offerings and demonstrate a commitment to delivering best-in-class solutions and services. This aligns perfectly with the values and philosophy we have put into practice for decades.

“We’re excited to be part of NFP, contribute to NFP’s tremendous growth in Canada, and access resources that allow us to elevate the exceptional group retirement planning and consultative services our clients value.”

Harold McAdam has joined as director of NFP in Canada.

The acquisition is part of NFP’s strategy to diversify its benefits business in Canada, where it offers group benefits, group retirement, and commercial insurance solutions.

NFP in Canada president Greg Padovani said: “Harold brings nearly 30 years of experience in the retirement and benefits space, managing specialized group plans for a range of organizations. We are thrilled to welcome Harold and his team of well-respected, high-performing producers to NFP.”

In November last year, the company acquired The DeChristopher Group, which offers benefits packages for small and mid-market employers.