Brown & Brown, Inc. (NYSE:BRO) shares rose Thursday after news of a strategic insurance acquisition.
A Bridge Specialty Group unit, part of Brown & Brown, announced it has acquired the assets of Shoemaker & Besser Associates, Inc.
• Brown & Brown shares are advancing steadily.
The acquired business, Shoemaker & Besser, is a full-service managing general agent located in York, Pennsylvania.
Founded in 1959, Shoemaker & Besser offered independent agents specialty personal and niche commercial insurance products.
Post-Deal Operations
The Shoemaker & Besser team will continue operating from York and will report to Jason Haupt, regional president of Bridge Specialty Group's Mid-Atlantic and Delta region.
Brown & Brown's specialty unit plans to leverage Shoemaker & Besser's automation tools and product access to strengthen offerings for retail brokers.
Bridge Specialty Group President Anurag Batta said the acquired team's capabilities will complement and expand solutions across contract binding and light brokerage services.
Seller Perspective
Owners Jack Brubaker and L. Allan Boyd said the combination will boost market access while preserving the personalized service for which Shoemaker & Besser is known.
This asset acquisition gives Brown & Brown's specialty unit added depth to compete for niche personal and business coverage relationships.
BRO Price Action: Brown & Brown shares are trading higher by 2.55% to $80.82 at publication on Thursday.
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