Insurance broker Brown & Brown says it has completed its $336.5 million transaction to acquire insurance broker Beecher Carlson.
In May, Daytona Beach, Fla.-based Brown & Brown, which traditionally acquires much smaller firms in the range of $8 million, said it was making what amounts to the largest acquisition transaction so far this year. The move, its CEO J. Powell Brown says, did not signal a change in company strategy, but was an opportunity the firm did not want to pass-up.
Beecher Carlson, which produced $105 million in revenue last year, is comprised primarily of three businesses: large account, OnPoint and agency.
The large account business, which makes up 65 percent of its revenues, delivers P&C brokerage and risk management services to Fortune 2000 businesses. OnPoint, making up 10 percent of the business, is an MGA to niche P&C insurance programs primarily underwriting Tribal and construction related risks. The Tribal business concentrates on insuring Tribal casinos. Finally, agency, making up the remaining 25 percent of revenues, provides P&C, employee benefits products and services to middle market and individual personal lines clients.
Related to the acquisition, the firm says it named P. Barrett Brown and Steve Denton Regional Vice Presidents.
Brown will oversee the firm's retail offices in Brooksville, Pinellas, Orlando and Tampa, Fla. His added responsibilites include the oversight of the Beecher Carlson large accounts team, reporting to Chief Operating Officer and Regional President Linda S. Downs,
In addition to his duties as Regional Vice President, Denton is CEO of Beecher Carlson, where he served as president prior to the acquisition. He will be responsible for its large accounts team's operations and will continue to focus on client services and growth initiatives, reporting to Barrett Brown.
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