States that specializes in risk management solutions, had entered into an agreement to acquire the assets of the Canadian managing general agent Special Risk Insurance Managers (SRIM). Now, the brokerage has announced that it has wrapped up this major acquisition of SRIM.
SRIM was founded in 1991 and earned the title of “MGA of the Year” in 2018 by Insurance Business Canada.
A company release after the initial news broke in December noted that the acquisition was “a strategic step forward for Brown & Brown in establishing a presence in the Canadian insurance brokerage market.” It also stated that post-closing, SRIM will become a distinct operating division in the national programs division of Brown & Brown, joining other specialist operations, including Arrowhead General Insurance Agency and Bellingham Underwriters.
SRIM president and CEO Mark Woodall will stay at the helm of the company, and will join the leadership line-up of B&B’s national programs division. He will report to president Chris Walker. Tom Willie will also stay on as the head of SRIM’s underwriting team.
Brown & Brown is well-known for its M&A activity, acquiring several firms in 2019 and even making two back-to-back acquisitions in July last year.