Brown & Brown Programs (CA), a division of American re/insurance provider Brown & Brown has reached an agreement to purchase Special Risk Insurance Managers.
The deal, whose financial terms were not disclosed, is scheduled to be completed by 1 January 2020, pending certain closing conditions.
Special Risk, which was established in 1991, operates as a managerial general agent (MGA).
Brown & Brown noted that the takeover of Special Risk will enable the company to further strengthen its presence in the Canadian insurance brokerage market.
Upon completion of the transaction, Special Risk will become a part of Brown & Brown National Programs.
Together with specialist operations including Arrowhead General Insurance Agency and Bellingham Underwriters, Special Risk will become a distinct operating division in the National Programs Division.
Mark Woodall will stay to head the Special Risk team. Reporting to Brown & Brown National Programs president Chris Walker, Woodall will be part of the leadership team of the National Programs Division.
Tom Willie will continue to manage the underwriting team of Special Risk.
Walker said: “We are delighted to bring Mark, Tom and their exceptional team of professionals to our operation. We are excited about the opportunities in Canada and believe with Special Risk we now have the talent, reputation and platform to succeed.”
Woodall added: “I see this partnership as an exceptional marketing advantage going forward for Special Risk.
“Brown & Brown will bring us new major insurer opportunities, enhanced Lloyd’s relationships and new and innovative products to offer our retail broker network. We are very excited about our future within Brown & Brown National Programs.”
Recently, Brown & Brown Lone Star Insurance Services acquired all of the assets of VerHagen Glendenning & Walker; Glendenning Insurance Agency; Walker Insurance; Glen R VerHagen Insurance Services and VerHagen Insurance, collectively termed as VGW Insurance