Brown & Brown terminating Hauser deal

Brown & Brown Inc. said Tuesday it has terminated its deal to acquire the family-owned Hauser Group, following news that Mark Hauser was pleading guilty in connection with the Varsity Blues scandal.

Brown & Brown issued the announcement in a brief press release Tuesday that noted the transaction with the Cincinnati-based broker was expected to close in September 2020, subject to certain closing conditions.

News that the Daytona Beach, Florida-based Brown & Brown had entered into an agreement to acquire the family-owned brokerage, which focuses on insurance for private equity groups and their portfolio companies, was announced Aug. 10.

The U.S. Attorney’s Office in Boston announced on Friday that Mr. Hauser, 50, would plead guilty to one count of conspiracy to commit mail fraud and honest services mail fraud in connection with paying $40,000 to facilitate cheating on his daughter’s ACT exam.