Annual Reports

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  • 8-K (Jul 1, 2013)
  • 8-K (Jun 20, 2013)
  • 8-K (Jun 19, 2013)
  • 8-K (Jun 11, 2013)
  • 8-K (Jun 4, 2013)
  • 8-K (May 24, 2013)


National Financial Partners 8-K 2007

Documents found in this filing:

  1. 8-K
  2. Ex-99
  3. Ex-99













DATE OF REPORT (Date of earliest event reported): September 11, 2007 (September 11, 2007)



(Exact name of registrant as specified in its charter)







(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)


787 Seventh Avenue, 11th Floor
New York, New York



(Address of principal executive offices)


(Zip Code)


(212) 301-4000

(Registrant’s telephone number, including area code)


Not Applicable

(Former name or former address, if changed since last report)




Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:




Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 3.02


Unregistered Sales of Equity Securities.



Since August 1, 2007 through the date of this Current Report, National Financial Partners Corp. (the "Company" or “NFP”) has issued, or agreed to issue 298,096 shares of common stock with a value of approximately $14.2 million in connection with acquisitions of firms, contingent consideration and ongoing incentive programs.


The issuances of common stock described above were made in reliance upon the exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and Regulation D promulgated thereunder, for transactions by an issuer not involving a public offering. The Company did not offer or sell the securities by any form of general solicitation or general advertising, informed each purchaser that the securities had not been registered under the Securities Act and were subject to restrictions on transfer, and made offers only to “accredited investors” within the meaning of Rule 501 of Regulation D and a limited number of sophisticated investors, each of whom the Company believed had the knowledge and experience in financial and business matters to evaluate the merits and risks of an investment in the securities and had access to the kind of information registration would provide.



Item 7.01

Regulation FD Disclosure.


On September 11, 2007, the Company issued a press release regarding its acquisition of Pro Financial Services, Inc. (“Pro Financial”), a copy of which is filed as Exhibit 99.1 hereto and incorporated herein by reference.


The acquisition of Pro Financial is the Company’s largest transaction to date and represents $10.0 million in acquired base earnings and $12.5 million in target earnings. The Company has agreed to pay approximately $73.0 million in a combination of cash and Company common stock for the firm. The parties have agreed, under Internal Revenue Code section 338(h)(10), to treat the transaction as an asset purchase for tax purposes, resulting in an estimated net present value tax benefit to the Company of approximately $12.5 million. Pro Financial’s projected 2007 revenue is expected to be approximately $20.5 million. The transaction, subject to customary closing conditions, is expected to close in the fourth quarter of 2007.


Forward-Looking Statements


This current report contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "anticipate," "expect," "intend," "plan," "believe," "estimate," "may," "will" and "continue" and similar expressions of a future or forward-looking nature. Forward-looking statements may include discussions concerning revenue, expenses, earnings, cash flow, dividends, capital structure, credit facilities, market and industry conditions, premium and commission rates, interest rates, contingencies, the direction or outcome of regulatory investigations and litigation, income taxes and NFP's operations. These forward-looking statements are based on management's current views with respect to future results, and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated by a forward-looking statement include: (1) NFP's success in acquiring high quality independent financial services distribution firms, (2) the performance of NFP's firms following acquisition, (3) competition in the business of providing financial services to the high net worth and entrepreneurial corporate markets, (4) NFP's ability, through its operating structure, to respond quickly to operational or financial situations, (5) NFP's ability to effectively manage its business through the principals of its firms, (6) changes in tax laws, including the elimination or modification of the federal estate tax and any change in the tax treatment of life insurance products, (7) changes in the pricing, design or underwriting of insurance products, (8) changes in premiums and commission rates, (9) adverse developments in the insurance markets in which NFP operates, resulting in fewer sales of insurance-related products, (10) adverse results or other consequences from litigation, arbitration or regulatory investigations, including those related to compensation agreements with insurance companies and activities within the life settlements industry, (11) uncertainty in the insurance and life settlements industries arising from investigations into certain business practices and subpoenas received from various governmental authorities and related litigation, (12) the reduction of NFP's revenue and earnings due to the elimination or modification of compensation arrangements, including contingent compensation arrangements, (13) changes in interest rates or general economic conditions, (14) the impact of legislation or regulations in jurisdictions in which NFP's subsidiaries operate, including the possible adoption of comprehensive and exclusive federal regulation over all interstate insurers, (15) adverse results or other consequences from higher than anticipated compliance costs, including those related to expenses arising from internal reviews of business practices and regulatory investigations, and (16) other factors described in NFP's filings with the Securities and Exchange Commission, including those set forth in NFP’s Annual Report on Form 10-K for the year ended December 31, 2006. Forward-looking statements speak only as of the date on which they are made. NFP expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


Item 9.01

Financial Statements and Exhibits.


(d) Exhibits









Press Release dated September 11, 2007








Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




National Financial Partners Corp.

Date: September 11, 2007





/s/ Mark C. Biderman







Mark C. Biderman



Executive Vice President and Chief Financial Officer
















Press Release dated September 11, 2007







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