Brown & Brown makes acquisition in Hawaii, Pacific Northwest
US-based broker Brown & Brown has entered into an agreement to acquire the Servco Pacific Insurance (SPI) operations in Hawaii and the Pacific Northwest.
The transaction is expected to close in June 2018, subject to certain closing conditions.
The Fukunaga family founded Servco Pacific (Servco), the parent company of SPI, in 1919. With annual revenues of $24 million, SPI is a multi-line insurance brokerage firm with multiple offices in Hawaii and the Pacific Northwest, offering a suite of insurance solutions including commercial and personal property & casualty, employee benefits and multiple specialties, including marine, construction and professional liability.
SPI’s Hawaii operations will become Brown & Brown’s primary retail presence in the Hawaiian Islands, and SPI’s Pacific Northwest operations will merge with Brown & Brown’s existing office in Seattle, under the leadership of Alex Bogaard. The Hawaii operations will be led by Dean Hirahara and Malcolm Tajiri. The marine operation in the Pacific Northwest will continue to be led by Graham Gardner. All SPI operations will report up to John Esposito, regional president of Brown & Brown.
“We share a common history with Servco of growing our family businesses into a market leader while building a strong culture that empowers our teammates,” said Brown & Brown CEO Powell Brown. “Because of our similar DNA, we look forward to continuing the success of the Hawaii team and adding the depth and breadth of experience that will enhance our operations in the Pacific Northwest.”
Mark Fukunaga, CEO of Servco, added: “I am proud of our teams and the success we’ve had in Hawaii and the Pacific Northwest and am confident Brown & Brown is the right choice in terms of resources, expertise and values to take Servco Pacific Insurance to the next level.”
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