Brown & Brown acquires US broker Hays Companies
Broker Brown & Brown is acquiring the insurance operations of Minneapolis-based Hays Companies, a brokerage firm that operates across 21 US states.
Formed in 1994 by Jim Hays, Hays Companies has annualised revenue of approximately $200 million, and focuses on risk management, commercial insurance, employee benefits, consulting services, specialty programmes and private client services.
Hays Companies will operate as a region inside Brown & Brown Retail. The operations will continue to be led by Jim Hays as chief executive officer (CEO), and Mike Egan as president and COO.
Upon completion of the transaction, which is expected around November 2018, Hays will join Brown & Brown as vice chairman and will serve on the board of directors, and Egan will become a regional president of the Brown & Brown Retail Segment.
Powell Brown, chief executive officer of Brown & Brown, commented: “For the past several years, Jim and I have gotten to know one another both professionally and personally. It became clear to me over that time that our organizations share a common sales, service, entrepreneurial and teammate focused culture which delivers results and that joining the Hays Companies team with Brown & Brown will be mutually beneficial to our collective clients, teammates and carrier partners. We are excited to have the experience and client focused team of Hays Companies join with us under the leadership of Jim and Mike.”
Hays added: “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. Brown & Brown has the same client focused attitude that our clients have come to expect from the Hays Companies team. This partnership enhances our ability to provide expanded solutions for our clients and new opportunities for our employees.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news from Baden-Baden
Talanx outlines ambitious plans, will consolidate reinsurance programme
Pickel to succeed Wallin as E+S Rück CEO
Hyperion unveils new insurtech unit; names new RKH CEO
AXA to sell Ukrainian operations to Fairfax
Generali buys Polish asset manager Union Investment TFI
Liberty Mutual places Lloyd's carrier Pembroke under "strategic review"
Insurtech Azur raises £13.3m to target new products and markets
Industry must get better grip on flood risk across Europe
M&A could help reduce cost base
There’s more value in partnering with alt cap than competing
