Brown & Brown Dealer Services (BBDS), part of US insurance broker Brown & Brown, has completed the acquisition of ABS.
The companies did not disclose the financial terms of the transaction.
ABS, which includes ABS Risk and ABS Operations, is a warranty product administrator operating in the automobile aftermarket, with more than two decades of experience in the industry.
It provides component-specific warranties, national road hazard programmes, and nationwide parts and labour repair warranties.
As per the terms of the agreement, Michael Cox, CEO of ABS, will continue to oversee the team from its existing location in Denver, Colorado.
Cox will report to BBDS president Mike Neal.
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By GlobalDataBBDS is a finance and insurance (F&I) company focused on developing bespoke solutions aimed at vehicle retailers.
Neal said: “Michael and Craig [Sanford] have done an amazing job in growing ABS into a premier provider of aftermarket warranty products, serving customer partners that are industry-leading suppliers of tires and aftermarket auto parts.
“The ABS team and Brown & Brown Dealer Services share a focus on customer service and the development of innovative product offerings. The BBDS team is excited to add the skills of ABS to our capabilities as we continue to provide warranty solutions for our collective customers.”
Cox added: “We are excited about the synergies this partnership will bring to our business. Brown & Brown’s full suite of leading insurance programmes and automotive [finance and insurance] F&I products will enable us to provide new value-added solutions to our aftermarket customers.”
In October this year, Brown & Brown acquired assets of Pacific Underwriters, which manages public utility insurance risk pools.
