Brown & Brown Inc. has agreed to acquire the assets of Hays Companies insurance activities. The deal by the Minnesota-based insurance broker, which generated $ 200 million in revenue, points to Brown & Brown’s greatest acquisition so far in its 75-year history.
Hays Companies, based in Minneapolis, consists of more than 700 risk management and social workers at 32 locations in 21 states. Hays Companies focuses on risk management, commercial insurance, employee rights, consulting services, special programs and dedicated customer service.
The company is listed on the Top 100 Property / Earnings Independent Agency list of insurance premiums with an annual income of more than $ 90.
The transaction is expected to close in November 2018.
Jim Hays founded Hays Companies 24 years ago. Since its inception, Hays has helped grow the company along with Mike Egan, Bill Mershon, Steve Lerum and others.
According to Hays, Hays Companies name, manager group and account teams will not change.
Hays Companies will be operating as a region under the umbrella of Brown & Brown Retail. The retail segment earned $ 940 million, 50 percent of the company’s total.
Activities will continue to be managed by Hays, the chairman of Hays Corporation, and will continue to serve as president / general manager.
Upon completion of the transaction, Hays will join and serve as vice president of Brown & Brown and Eagan will become regional chairman of the Brown & Brown Retail Segment. Eagan will continue to report to Hays and report to Powell Brown, CEO of Jim Brown & Brown.
Daytona Beach, Fla., Based in Brown & Brown, is one of the largest insurance agencies in the world and is one of the most active buyers of agencies. This year, only 19 deals with a total annual revenue of $ 95 million.
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