Brown & Brown, a US-based insurance and reinsurance products and services provider, has reached an agreement to acquire the Servco Pacific Insurance’s (SPI’s) operations in Hawaii and the Pacific Northwest.
Servco Pacific Inc. (Servco), the parent company of SPI, was established in 1919.
Servco formed a base for its wholly owned insurance brokerage firm in Hawaii in 1971 and expanded its operations to the Pacific Northwest in 2010.
SPI has reported revenues of $24m per annum. It operates as a multi-line insurance brokerage firm through numerous offices in Hawaii and the Pacific Northwest.
The company delivers a range of insurance products and services such as commercial and personal property & casualty, employee benefits and multiple specialties, including marine, construction and professional liability.
Pending fulfilment of certain closing conditions, the transaction is scheduled to be completed during June this year.
Upon completion of the deal, SPI’s Hawaii operations will become Brown & Brown’s primary retail presence in the Hawaiian Islands.
The Hawaii operations will be headed by Dean Hirahara and Malcolm Tajiri.
Additionally, SPI’s Pacific Northwest operations will merge with Brown & Brown’s existing office in Seattle, and will operate under the leadership of Alex Bogaard.
The marine operation in the Pacific Northwest will continue to be managed by Graham Gardner.
All SPI operations will report up to Brown & Brown regional president John Esposito.
Brown & Brown CEO Powell Brown said: “We share a common history with Servco of growing our family businesses into a market leader while building a strong culture that empowers our teammates.
“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.”