NEWARK — In a surprise announcement made at the hallmark economic forecast at the University of Delaware, Lyons Companies Senior Vice President Tim Lyons announced that the firm had been acquired by NFP, a worldwide insurance broker and wealth advisor firm.
Tim Lyons made the announcement in introductory remarks at the UD Lerner College of Business and Economics’ 18th annual economic forecast on Feb. 27. The company had organized and sponsored the event for years – last week’s event drew 300 attendees.
“Throughout our history, we have focused on opportunities that make us better for our clients and our employees,” Tim Lyons told the crowd. “NFP shares that same philosophy that was important to our father. Dad always said, ‘Do what’s best for the client and move forward.’ As part of NFP, we will continue to bring value to our clients and bring comprehensive solutions to their needs.”
“But most importantly, our team at Lyons isn’t changing. The same people that have been working with our clients will continue to be there,” he added. “We’re excited for this next chapter with NFP.”
NFP is a property and casualty broker and benefits consultant as well as wealth manager. The company is a subsidiary of Aon, a publicly-traded British-American professional services firm that offers a suite of risk mitigation projects that has $87 billion market cap. NFP has 7,700 employees across the United States, Puerto Rico, Canada, the United Kingdom and Ireland.
Both NFP and Lyons share a wealth of experience in commercial insurance, personal risk and employee benefits capabilities. That, along with Lyons Companies history in Delaware, made it a great partner, NFP President of the Atlantic Region Ethan Foxman told the Delaware Business Times.
“Lyons has deep roots in the Delaware business community and this acquisition will expand NFP’s geographical footprint across the state of Delaware – an important market for NFP,” he wrote in an email to DBT. “At the same time, Lyons clients now have access to NFP’s wide array of solutions, resources and highly effective service model, ultimately adding significant client value.”
The Lyons Companies was established by David Lyons in 1984 and later grew into the region’s largest independent and privately held risk management and insurance brokerage firms with more than 50 employees at the time of his death in April 2018. Today, the company has 43 employees, according to Delaware Business Times records, and continues to operate with his family at the helm.
David Lyons’ wife, Catharine Lyons, took over the business and quickly strategized with their sons Tim and Dave on ideas to move forward. Her goal was to keep the company leadership within the family for the next five to seven years and to structure it to eventually transition it to their sons, she told the Delaware Business Times in an interview in 2019. That was on par with the plan her husband laid out before he suddenly died.
From NFP’s perspective, Foxman said the company is always looking to add new talent, especially high-quality team members in new markets that meet its own strategic goals. Foxman and the Lyons family were introduced through a mutual connection and quickly understood the culture match, the NFP executive said.
“Our interest in partnering with Lyons stems from their excellent regional reputation, established network of relationships in Delaware, strong management team, shared values and commitment to clients,” Foxman wrote in an email.
Dave and Tim Lyons, who both are vice presidents in the Lyons Companies, will join NFP as senior vice presidents. The Lyons Companies’ property and casualty business segment will be folded into NFP’s regional business. The existing staff members will continue to serve the Delaware community, now with more services from a worldwide company.
“In the coming years, we look forward to continuing our investment in the Lyons’ team through the addition of new team members, offerings and services as we collaboratively grow Lyons’ business with the boost of NFP resources,” Foxman added.
As for the iconic economic forecast first started by David Lyons- his sons said the event will continue into 2026 and beyond.
