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Brown & Brown Inc. on Thursday announced the formation of Bridge Specialty Group to house its 25 wholesale units.
Bridge, which includes wholesale brokerages, managing general agencies, managing general underwriters and other specialty intermediaries, has 45 locations in the United States and London and will be headed by Stephen M. Boyd as president, a Brown & Brown statement said. Mr. Boyd, who is based in San Diego, previously headed the brokerage’s wholesale brokerage segment.
Other senior leaders of Bridge are Executive Vice Presidents Neal Abernathy, Kathy Colangelo and Joe Failla, who previously held senior roles at Brown & Brown.
According to Business Insurance’s most recent Agents and Brokers Rankings and Directory, wholesale accounts for about 33% of Brown & Brown’s brokerage revenue.
“As part of a collaborative enterprise that supports a multibillion-dollar premium book, we can maximize our collective experience, technical knowledge and strong carrier relationships,” Mr. Boyd said in the statement.
Brown & Brown Inc. has agreed to buy Cork, Ireland-based O’Leary Insurances Ltd., the brokerage announced Wednesday.