Brown & Brown, Inc. has announced that it has entered into an agreement to acquire Hays Companies, a broker that operates across 21 U.S states, for an undisclosed consideration.
Headquartered in Minneapolis, Hays Companies has an annualised revenue of approximately $200 million and focuses on risk management, commercial insurance, employee benefits, consulting services, specialty programs and private client services.
The brokerage was founded by Jim Hays in 1994 and currently has over 700 risk management and employee benefits professionals in 32 locations across the U.S.
Following the acquisition, which is expected to close in November 2018, Hays Companies will operate as a region inside Brown & Brown retail and will continue to be led by Chief Executive Officer (CEO) Hays and current President and Chief Operating Officer (COO) Mike Egan.
The arrangement will also see Hays join Brown & Brown as Vice Chairman and as a member of the company’s Board of Directors, while Egan will become a Regional President of the Brown & Brown Retail Segment.
In these positions, Egan will continue to report to Hays, while Hays will report to Powell Brown, CEO of Brown & Brown, who commented: “For the past several years, Jim and I have gotten to know one another both professionally and personally.”
Brown continued: “It became clear to me over that time that our organizations 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. We are excited to have the experience and client focused team of Hays Companies join with us under the leadership of Jim and Mike.”
Hays also stated: “After 24 years as an independent insurance broker, we feel the time is now to partner with an industry leader who shares our cultural values. Brown & Brown has the same client focused attitude that our clients have come to expect from the Hays Companies team.”
“This partnership enhances our ability to provide expanded solutions for our clients and new opportunities for our employees,” he added. “Because the Hays Companies name, our executive group, and our account teams will not change, we expect a smooth transition.
“As far as we are concerned, it is business as usual. This is a new era for Hays Companies. I am very excited about the future as a part of the Brown & Brown family.”
