Brown & Brown Inc. has entered into an agreement to acquire the Servco Pacific Insurance operations in Hawaii and the Pacific Northwest.
The transaction is expected to close in June 2018, subject to certain closing conditions. Terms were not disclosed.
SPI’s Hawaii operations will become Brown & Brown’s primary retail presence in the Hawaiian Islands, and SPI’s Pacific Northwest operations will merge with Brown & Brown’s existing office in Seattle, under the leadership of Alex Bogaard. The Hawaii operations will be led by Dean Hirahara and Malcolm Tajiri. The marine operation in the Pacific Northwest will continue to be led by Graham Gardner. All SPI operations will report up to John Esposito, Regional President of Brown & Brown.
Servco Pacific Inc., the parent company of SPI, was founded in 1919. In 1971, Servco established a base for its wholly owned insurance brokerage firm in Hawaii and expanded its operations to the Pacific Northwest in 2010. With reported annual revenues of $24 million, SPI is a multi-line insurance brokerage firm with offices in Hawaii and the Pacific Northwest.
Brown & Brown through its subsidiaries offers a insurance products and related services.
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