Brown & Brown Inc. enters into agreement with Hays Companies

Brown & Brown Inc. has entered into an agreement to acquire the assets of the Hays Companies insurance operations. The transaction is expected to close in November 2018, subject to certain closing conditions.

The Hays Companies focuses on risk management and commercial insurance, employee benefits, consulting services, specialty programs and private client services. Headquartered in Minneapolis, the organization is comprised of over 700 risk management and employee benefits professionals in 32 locations across 21 states.

“All of Hays Companies’ 700-plus employees are joining Brown & Brown. Based on our decentralized model, Hays’ leaders will continue to manage their team and it will remain business as usual,” says J. Scott Penny, chief acquisitions officer.

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“This is a new era for Hays Companies.”

Hays Companies will operate as a division inside Brown & Brown Retail. The operations will continue to be led by Jim Hays as CEO of the Hays Companies division; Mike Egan will continue to serve as president/COO of the Hays Companies division.

Following the completion of the transaction, Hays will join Brown & Brown Inc. as vice chairman and will serve on the board of directors, while Egan will become a regional president of the Brown & Brown Retail Divison.

“After 24 years as an independent insurance broker, we feel the time is now to partner with an industry leader who shares our cultural values,” Hays said in a statement. “This is a new era for Hays Companies. I am very excited about the future as a part of the Brown & Brown family.”

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