Brown & Brown expands in Massachusetts with Buy – Enterprise Insurance
Brown & Brown of Massachusetts LLC, a subsidiary of Brown & Brown Inc., has agreed to sell Berkshire Insurance Group Inc., the insurance agency unit of Boston-based Berkshire Hills Bancorp Inc.
Founded in 2000, Berkshire Insurance Group offers personal and commercial property and casualty insurance in the Northeast.
Following the acquisition, Berkshire Insurance Group will become a standalone company within the retail segment of Brown & Brown, the companies said in a statement on Tuesday. The operation is led by John Flaherty, currently Senior Vice President of Berkshire Insurance Group, according to LinkedIn.
Brown & Brown has offered jobs to existing Berkshire Insurance Group employees that did not result in job layoffs, the companies said. The Pittsfield-based Berkshire Insurance Group has about 49 employees, according to LinkedIn.
Berkshire Insurance Group's offices in Greenfield, Longmeadow, Pittsfield, Stockbridge and Westfield, Massachusetts will continue to operate from their current locations while the other offices will be merged with the existing Brown & Brown offices, the companies said.
Berkshire Bank will continue to refer customers to Brown & Brown through a partner relationship, it said.
Don McGowan, a regional president for Brown & Brown's retail segment, will oversee the joint operations.
Berkshire Hills will post net income from sales of approximately $ 0.55 per share on a GAAP basis in the third quarter, CEO Nitin J. Mhatre said in the statement.
The deal is expected to close in the third quarter.