Insurance broker Hays Companies will be the greatest acquisition by Brown & Brown, Inc.
Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc., and Jim Hays, on behalf of Hays Companies, announced that Brown & Brown, Inc. (Brown & Brown) has entered into an agreement to acquire the assets of the Hays Companies insurance operations.
Hays Companies, formed in 1994, since then Jim, along with Mike Egan, Bill Mershon, Steve Lerum and many others, have successfully grown Hays Companies to number 22 on Business Insurance Magazine’s list of 100 largest US brokers, with annualized revenue of approximately $200 million. Headquartered in Minneapolis, Hays Companies is comprised of over 700 risk management and employee benefits professionals in 32 locations across 21 states. The firm focuses on risk management, commercial insurance, employee benefits, consulting services, specialty programs, and private client services.
Hays Companies’ name, executive group, and account team to stay as it is
Jim Hays, Founder, Hays companies, 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. 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 us. I am very excited about the future as a part of the Brown & Brown family.”
Hays Companies will operate as a region inside Brown & Brown Retail. The operations will continue to be led by Jim Hays as Chief Executive Officer of the Hays Companies, and Mike Egan will continue to serve as President/COO. Following completion of the transaction, Jim will join Brown & Brown, Inc. as Vice Chairman and will serve on the board of directors, and Mike will become a Regional President of the Brown & Brown Retail Segment. Mike will continue reporting to Jim and Jim will report up to Powell Brown, Chief Executive Officer of Brown & Brown.