US-based insurance and reinsurance provider Brown & Brown has purchased all of the assets of Innovative Risk Solutions and LSI Lender Services.
Innovative Risk Solutions, which was established in 2004, offers employee benefits solutions for clients.
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It has been acquired by Brown & Brown subsidiary Brown & Brown Metro.
After completion of the deal, Innovative will operate as a new separate office within Brown & Brown’s Retail Segment.
Innovative Risk Solutions will continue to be operated by sole shareholder Sean Gormley from the company’s office in Atlantic County, New Jersey.
Gormley said: “Maintaining value provided to customers in this rapidly evolving employee benefits industry will always be our primary focus, as technology and the regulatory environment continue to evolve. Joining with the Brown & Brown team allows us to continue to provide the level of service our customers appreciate, and with Brown & Brown’s nationwide presence, we will enhance our ability to serve customers outside of New Jersey, Pennsylvania and New York.”
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By GlobalDataBrown & Brown of Kentucky, another subsidiary of Brown & Brown, acquired LSI Lender Services, which is an F&I performance and compliance management provider for auto dealers.
Under the terms of the deal, the LSI team will join Brown & Brown’s Dealer Services segment, which is led by Mike Neal, president of Brown & Brown of Kentucky.
Neal said: “The LSI team provides a foothold in New Hampshire and enhances our growing presence in the Northeast. Rod brings a wealth of experience in reinsurance strategies for his dealer partners.
“We are glad to welcome him to Brown & Brown Dealer Services and look forward to LSI joining with our F&I Resources team in Massachusetts.”
