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April 13, 2021

New York insurance broker acquires Farmington’s Schuster Group

Contributed Rollin Schuster
By Matt Pilon

NFP, one of the largest privately-owned insurance brokers in the U.S., said it has acquired the Schuster Group (TSG), a Farmington-based agency with a niche in the nonprofit sector.

Financial terms of the deal, which includes TSG’s TANGO nonprofit platform, were not disclosed. The sale took place on Dec. 31.

TSG lists 28 employees on its website, led by managing principal Rollin Schuster, who will become a managing director at NFP, reporting to its Northeast regional managing director.

NFP said TSG adds nonprofit benefits and retirement advisory experience to its existing offerings and provides a path to further growth in the Connecticut market, where it already has six offices, including in Windsor, Middletown and Wallingford.

“NFP’s resources will enhance our capabilities and position us to better address the needs of organizations we serve,” Schuster said in a statement. “Our shared focus on investing in communities will be particularly helpful as we advance TANGO’s work to help nonprofit organizations achieve their missions and elevate their impact.”

NFP says it has over 5,800 global employees and is ranked by industry news publication Business Insurance as the sixth largest U.S.-based privately owned broker.
 

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