Brown & Brown, through one of its subsidiaries, has acquired the assets of The Canopy Group, a Minnesota-based multiline insurance agency.
Headquartered in Le Sueur, The Canopy Group specializes in personal lines and commercial property & casualty insurance for small businesses. The agency serves more than 16,000 clients across the state.
Following the acquisition, financial terms of which were not disclosed, principals Paul Borchert and Jeff McDonald will continue to oversee The Canopy Group’s operations from the firm’s existing offices, including in Minnetonka and Belle Plaine.
The duo said in a joint statement: “We look forward to leveraging Brown & Brown’s extensive capabilities and market strength to benefit our existing customers.
“Access to additional markets and services will add to The Canopy Group’s robust capabilities, and our team looks forward to growing together.”
Rich Knudson, senior vice president of Brown & Brown’s retail segment, highlighted how Borchert and McDonald “have built an impressive reputation” in Minnesota.
“The Canopy Group team brings a dynamic approach to serving its personal lines customers,” Knudson noted. “We look forward to incorporating this model into Brown & Brown’s operations as we expand our personal lines business and our small business commercial offerings.”
Prior to the deal, Brown & Brown appointed Mike Neal and Mark Abate to its senior leadership team and the retail segment senior leadership line-up.
“Mike and Mark’s experience and knowledge will help us broaden our capabilities and allow us to develop innovative solutions to enhance our customer experience,” stated executive vice president and retail segment president Barrett Brown in September.
“They will bring added strategic guidance to support the continued growth of our retail business.”
Manned by more than 16,000 people, Brown & Brown operates across over 500 locations worldwide.
What do you think about this story? Share your thoughts in the comments below.
