Brown & Brown, a US-based insurance and reinsurance products and services provider, has signed an agreement to acquire Hays Companies insurance operations for an undisclosed sum.
Established in 1994, Hays Companies employs more than 700 risk management and employee benefits professionals in 32 offices across 21 states in the US.
Headquartered in Minneapolis, Hays Companies has annualised revenues of around $200m.It offers risk management, employee benefits, commercial insurance, consulting services, specialty programs and private client services.
Upon completion of the transaction, Hays Companies will operate as a region inside Brown & Brown Retail. It will continue to be managed by Jim Hays as CEO, while Mike Egan will continue to serve as president/COO.
Jim will join Brown & Brown as vice chairman and will serve on the board of directors. Mike will assume the role of regional president of the Brown & Brown Retail Segment.
Mike will continue reporting to Jim while Jim will report to Brown & Brown CEO, Powell Brown.
Brown said: “For the past several years, Jim and I have gotten to know one another both professionally and personally. It became clear to me over that time that our organisations share a common sales, service, entrepreneurial and teammate focused culture which delivers results and that joining the Hays Companies team with Brown & Brown will be mutually beneficial to our collective clients, teammates and carrier partners.”
Jim Hays said: “This partnership enhances our ability to provide expanded solutions for our clients and new opportunities for our employees. Because the Hays Companies name, our executive group, and our account teams will not change, we expect a smooth transition. ”
Subject to certain closing conditions, the transaction is likely to conclude in November this year.