NU Online News Service, Jan. 10, 11:26 a.m. EST
The chief acquisition officer for Brown & Brown has left the company, replaced by a seasoned executive with more than 20 years of experience with the Daytona Beach, Fla.-based insurance brokerage firm.
In a filing with the Securities and Exchange Commission, Brown & Brown said Thomas E. Riley, regional president and chief acquisition officer for the company, left on Jan. 3.
The firm said it is in discussions with Mr. Riley over benefits and “other items” that never became effective, “and continue to discuss a potential separation agreement and release.”
Mr. Riley was named chief acquisition officer in March 2010 with responsibility for all M&A activity and supervision over individuals working on the transactions. He also had regional oversight of operations in south Florida and the Northeastern United States.
He joined Brown & Brown in 1990 as chief financial officer.
A request for comment about Mr. Riley to Brown & Brown was not immediately returned.
Mr. Riley was replaced by J. Scott Penny, who joined the company in 1989 as a marketing representative.
Mr. Penny, a regional president since last year, will continue to oversee operations of certain company subsidiaries in Connecticut, Illinois, Indiana, Kentucky, Massachusetts, New Hampshire, New Jersey, Pennsylvania and Washington. He will also oversee the operations of Axiom Re in Florida and North Carolina and will assume responsibility for the oversight of Florida Intracoastal Underwriters, LLC., Brown & Brown said.
“Scott has been actively involved and very successful in identifying and negotiating quality acquisitions country-wide for the past several years,” said J. Powell Brown, president and chief executive officer for the firm, in a statement. “I am very pleased that Scott will be assuming this expanded responsibility. His personal focus portends continued expansion of our merger and acquisition activity.”
The firm also announced that Charles H. “Charlie” Lydecker and Linda S. Downs were named regional presidents.
Mr. Lydecker will be responsible for operations in Florida and certain retail operations in Arizona, New Jersey, New York, Texas and Virginia.
Mr. Lydecker has been with the firm since 1990 and was named a regional executive vice president in 2002.
Ms. Downs joined Brown & Brown in 1980 and was a senior executive vice president prior to this appointment.
She will oversee certain operations in Michigan, New Jersey, New York, Ohio, Delaware, Georgia, Kentucky, Illinois, Minnesota, Pennsylvania, South Carolina and Wisconsin. In addition, she will be responsible for Halcyon Underwriters, a wholesale brokerage division operation in Orlando, Fla.
She also oversees certain corporate matters including the company's Benefits Department and its Leadership School.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
