Brown & Brown, a US-based insurance brokerage firm specializing in risk management solutions, has announced that it has entered into an agreement to acquire the assets of the Canadian managing general agent Special Risk Insurance Managers (SRIM).
SRIM, founded in 1991, was named “MGA of the Year” in 2018 by Insurance Business Canada.
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According to a company release, the acquisition of SRIM is “a strategic step forward for Brown & Brown in establishing a presence in the Canadian insurance brokerage market.” Following closure of the transaction, SRIM will become a distinct operating division in the national programs division of Brown & Brown, joining other specialist operations such as Arrowhead General Insurance Agency and Bellingham Underwriters.
SRIM president and CEO Mark Woodall will continue to lead his team, and he will also join the leadership line-up of B&B’s national programs division, reporting to president Chris Walker. Tom Willie will also continue to lead SRIM’s underwriting team.
“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,” said Brown & Brown national programs president Chris Walker.
“I see this partnership as an exceptional marketing advantage going forward for Special Risk,” commented Woodall, who added that the partnership will provide the SRIM team with new major insurer opportunities, enhanced Lloyd’s relationships, and new products to offer to brokers.
