Brown & Brown acquires Pacific Resources
Broker Brown & Brown has acquired Pacific Resources Benefit Advisors, an independent employee benefits advisory firm, which had net revenues of $22.7 million in 2013.
The assets will continue to be operated out of the existing headquarters of Pacific Resources located in Chicago, Illinois, under the leadership of Paul Barden, chief executive officer, and Paul Rogers, president and chief operating officer.
Both will report to Mike Crowe, senior vice-president, Brown & Brown services & acquisitions.
Powell Brown, chief executive officer of Brown & Brown, said: “Paul and Paul have done an outstanding job in building Pacific Resources into an independent trusted advisor and partner for its clients. Pacific Resources shares the Brown & Brown sales culture, which is a combination of unparalleled client service and subject matter expertise, and works closely with its carrier partners to provide optimal solutions for its clients. We are excited that the Pacific Resources team will be our new teammates at Brown & Brown.”
Barden said: “We knew that if we really wanted to achieve all of the goals we have set for the company, we were going to need more resources. But we also knew we had to find the right fit. Brown & Brown's outstanding track record of acquiring and investing in growing companies, while preserving autonomy, was the single-most important factor in our decision to join with Brown & Brown.”
Rogers added: “Having the resources of Brown & Brown behind us will allow us to further accelerate the growth of our core advisory services to meet increasing demand for innovative, evidence-based solutions to life, disability, voluntary, executive, dental, global and other non-medical benefits needs, and to develop new service offerings in response to changes created by healthcare reform and other industry trends.”