Servco Pacific (Servco) has agreed to divest its insurance brokerage business to Brown & Brown for an undisclosed sum.
The acquisition is targeted to close in June 2018, subject to certain closing conditions.
Servco chairman & CEO Mark Fukunaga said: “I am proud of our team and the success we’ve had in Hawaii and the Pacific Northwest. We are thankful to our team members and clients whom we had the privilege to serve over the past 45 years.
“I am confident Brown & Brown will bring the right resources, expertise, and values to take Servco Pacific Insurance (SPI) to the next level.”
Brown & Brown, through its subsidiaries, offers a broad range of insurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States’ sixth largest independent insurance intermediary.
Brown & Brown CEO Powell Brown said: “We share a common history with Servco of growing our respective family business into a market leader while building a strong culture that empowers our team members.
“Because of our similar DNA, we look forward to continuing the success of the Hawaii team and adding the depth and breadth of experience that will enhance our operations in the Pacific Northwest.”
SPI’s Hawaii operations will become Brown & Brown’s primary retail presence in the 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 to John Esposito, regional president of Brown & Brown.
Servco Pacific Insurance senior vice president Dean Hirahara said: “We’re looking forward to continuing our existing client relationships as part of the Brown & Brown family, and even more excited about the additional resources we’ll have to elevate the level of service and products we can provide.”
Acquired by Servco in 1971, SPI has annual revenues of $24m. Operating in Hawaii and the Pacific Northwest, SPI offers a full range of property & casualty, and marine insurance products, risk management services, traditional and loss–sensitive insurance programs, and employee benefits consulting.
Source: Company Press Release