Brown & Brown Supplier Companies (BBDS), a part of US insurance coverage brokerage Brown & Brown, has bought the property of the Protectorate Group Insurance coverage Company, buying and selling as American Journey Insurance coverage.
Monetary particulars weren’t disclosed.
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American Journey offers insurance coverage programmes offered by dealerships throughout automobile segments together with boats, campers, bikes, motor properties, private watercraft and journey trailers.
It additionally provides finance and insurance coverage choices to automotive retailers, and business insurance coverage merchandise.
The corporate is headed by proprietor Paul Bender, who has greater than three a long time’ expertise working with dealerships on point-of-sale insurance coverage.
Bender stated: “Our community of greater than 1,500 dealerships, mixed with Brown & Brown’s depth of merchandise and experience, offers our individuals and companions a platform constructed to assist us scale with out shedding our edge, and I couldn’t be extra excited to construct the subsequent chapter with Mike and the BBDS group.”
Following completion, the American Journey group will be part of BBDS and proceed working nationwide, with Bender and colleagues reporting to BBDS president Mike Neal.
Based in 1939, Brown & Brown employs over 23,000 individuals throughout greater than 700 areas globally.
BBDS president Mike Neal added: “The American Journey group will develop and improve BBDS’ capabilities and supply us with extra revolutionary options for our sellers throughout the nation.”
The transaction follows different current offers within the insurance coverage sector.
Earlier this week, Sixth Avenue-backed reinsurer Enstar Group agreed to accumulate 100% of Accident Fund Holdings (AF Group) from Blue Cross Blue Protect of Michigan.
Lansing-based AF Group has operated in insurance coverage for greater than 100 years by a number of affiliated manufacturers.
Final week, Admiral Group reached an settlement to accumulate Flock, a digital insurer centered on business automobile fleets, in a deal that valued Flock’s fairness at £80m ($109m).
