Brown & Brown acquires US MGU Health Special Risk
Insurance broker Brown & Brown has acquired US-based Health Special Risk (HSR), a provider of third-party administration (TPA) and managing general underwriting (MGU) services for special risk and accident & health insurance.
Health Special Risk has been operational for 40 years and has annual revenues of approximately $6.5 million.
Following the deal, the HSR team will continue to operate from their offices in Texas and Minnesota. Tom Lenihan will remain as president of HSR leading the new HSR profit centre, and Phil Munson, as executive vice president, will continue to oversee the MGU operations of HSR. Lenihan will report to Drew Smith, president of American Specialty.
“Tom, Phil and the HSR team have been a constant in the special risk and accident & health space for decades, providing top of class service for their clients and carrier partners," said Smith. "We are excited about what they bring to our collective capabilities and the complementary market focus that they share with the American Specialty team.”
Lenihan and Munson, the principals of Health Special Risk, commented: “Through our partnership with Brown & Brown and American Specialty, we will be provided opportunities for growth far surpassing what we could do independently. The entire HSR family is excited to join forces with Brown & Brown as we enter this new phase of our journey.”
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