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Brown & Brown Inc. said Tuesday it has bought the broker Servco Pacific Insurance.
Daytona Beach, Florida-based Brown & Brown announced on May 1 it had agreed to acquire Servco Pacific’s operations in Hawaii and the Pacific Northwest. Terms of the deal were not disclosed. SPI has annual revenues of $24 million, Brown & Brown said.
SPI’s Hawaii operations will become Brown & Brown’s primary retail presence in the Hawaiian Islands, and SPI’s Pacific Northwest operations will merge with Brown & Brown’s existing office in Seattle, under the leadership of Alex Bogaard.
The Hawaii operations will be led by Dean Hirahara and Malcolm Tajiri. The marine operation in the Pacific Northwest will continue to be led by Graham Gardner. All SPI operations will report up to John Esposito, regional president of Brown & Brown.
Brown & Brown Inc. reported fourth-quarter 2017 revenue of $474.3 million, up 9.4% from the fourth quarter of 2016, the company said in a statement late Monday.