3 March 2017Insurance

AssuredPartners pays Brown & Brown $20m to settle poaching lawsuit

Brown & Brown, a provider of re/insurance products, has settled its lawsuit against a number of its former employees, their current employer AssuredPartners and several key executives within the rival firm.

Florida-based AssuredPartners will pay $20 million to Brown & Brown to settle the case as well as agreeing to stop soliciting Brown & Brown employees.

Powell Brown, the CEO of Brown & Brown, said: "We are satisfied with the settlement in this second litigated case with AssuredPartners, and we believe this matter was resolved appropriately within the judicial process."

Robert Lloyd, general counsel of Brown & Brown, added: "We are pleased that this settlement will wholly compensate us for the repeated violations by the defendants and we are gratified with this result for Brown & Brown, our teammates, clients and shareholders.

“Our goal is always to handle matters involving our business in a professional, collaborative spirit; however, we will not hesitate to protect our company through legal action when the situation demands it."

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More on this story

Insurance
31 March 2017   A California jury has dismissed the poaching claims made by re/insurance broker Aon, and ruled in favour of insurance brokerage firm Alliant Insurance Services.
Insurance
18 April 2017   US re/insurance broker Brown & Brown reported a 12.9 percent increase in net income for the first quarter of 2017, boosted by a legal settlement with AssuredPartners.
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16 June 2017   Independent insurance intermediary Brown & Brown has appointed Vaughn Stoll to senior leadership team.