Brown & Brown Inc. said it has completed the previously-announced acquisition of Beecher Carlson Holdings Inc.
In May, Florida-based Brown & Brown Inc. said it would buy the retail brokerage, program management and captive management business of Georgia-based Beecher Carlson from Austin Ventures, FSPM and a group of individual employee and non-employee equityholders for $336.5 million in cash.
Beecher Carlson Holdings Inc. reported that through its subsidiaries it 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, Georgia. 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.
The firms also said that as part of this transaction:
• Steve Denton, Beecher Carlson’s current president, will be named a regional vice president of Brown & Brown Inc. and will serve as the CEO of Beecher Carlson.
• Dan Donovan, Beecher Carlson’s current chief executive officer, will serve as executive chairman of Beecher Carlson.
• Denton and Donovan will both be actively involved in the day-to-day operations of Beecher Carlson and will also join Brown & Brown Inc.’s Leadership Council.
Beecher Carlson was acquired by American Re-Insurance Co. in 1989. Key employees purchased the firm from American Re in 2003. In July 2004, after the purchase from American Re, the firm announced a $90 million capital commitment from private equity sources.
Brown & Brown, headquartered in Daytona Beach and Tampa, operates in 38 states and has a London office.
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