Insurance brokerage firm Brown & Brown, Inc. has announced an agreement to acquire the assets of Canada domiciled MGA, Special Risk.
Brown & Brown says that the acquisition of Special Risk is an important step towards its establishment of a presence in the Canadian insurance brokerage sector.
Following the completion of the transaction, which is expected to close on January 1st, 2020, subject to closing conditions, Special Risk will operate as part of Brown & Brown National Programs, which, is comprised of more than 60 specialty niche programs and which is led by Chris Walker.
The Special Risk team will continue to be led by Mark Woodall, who will also form part of the leadership team of the National Programs Division, reporting to Walker. Furthermore, Tom Willie will remain as the leader of Special Risk’s underwriting team.
Commenting on the acquisition, Walker said: “We are delighted to bring Mark, Tom and their exceptional team of professionals to our operation. We are excited about the opportunities in Canada and believe with Special Risk we now have the talent, reputation and platform to succeed.”
Woodall added: “I see this partnership as an exceptional marketing advantage going forward for Special Risk. Brown & Brown will bring us new major insurer opportunities, enhanced Lloyd’s relationships and new and innovative products to offer our retail broker network. We are very excited about our future within Brown & Brown National Programs.”