Business Moves

July 22, 2013

Brown & Brown, Beecher Carlson

Brown & Brown Inc. completed the acquisition of Beecher Carlson Holdings Inc. from Austin Ventures, FSPM and a group of individual employee and non-employee equityholders for $336.5 million in cash.

Beecher Carlson had total annual net revenues for 2012 of $105.6 million.

Beecher Carlson’s large account division will remain intact, operating as Beecher Carlson under its current leadership based in Atlanta. The middle-market retail offices in Oregon, Arizona and Mississippi will become part of the existing Brown & Brown Retail Division. The OnPoint programs will become a part of Brown & Brown’s National Programs Division.

McGowan, Professional Risk Placements

The McGowan Companies, Fairview Park, Ohio, acquired the assets of Professional Risk Placements LLC in Red Bank, New Jersey. Professional Risk Placements, a wholesale brokerage specializing in professional and management liability, will operate under the “McGowan Risk Specialists” brand.

Pete Wilkens, who was president of Professional Risk Placements, will lead the New Jersey office of McGowan Risk Specialists as regional vice president. This office will be responsible for Connecticut, New Jersey, New York, and Pennsylvania.

Risk Strategies, Kohlberg & Co.

Private equity firm Kohlberg & Co. has acquired the majority of Risk Strategies Company (RSC), a Boston-based insurance firm. Mount Kisco, N.Y.-based Kohlberg has also reserved substantial additional equity capital to support RSC’s growth. Terms were not disclosed.

RSC’s executive team – led by CEO-founder Michael Christian – will remain intact. Management and employees have also retained significant ownership.

As part of the transaction, insurance veteran Roger Egan has joined RSC’s leadership as executive chairman. Egan brings 40 years of experience in executive management and operations and as a director and investor in various companies and institutions. Egan previously served as CEO of Integro Ltd. and spent more than 30 years, including as president, at Marsh.

MHBT, Wells Fargo Insurance

Dallas, Texas-based MHBT Inc. has acquired Wells Fargo’s insurance brokerage operations in Lubbock, Texas. The deal includes all operating assets and operations of the Lubbock office of Wells Fargo Insurance, including five team members.

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