Brown & Brown, Inc. completed the acquisition of Global Risk Partners Limited.
July 30, 2022
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Brown & Brown, Inc. (NYSE:BRO) agreed to acquire Global Risk Partners Limited for $1.9 billion on March 7, 2022. According to the prospectus dated March 14, 2022 Company entered into Fixed income offering agreement with approximate net proceeds of $ 1.17 billion. Brown & Brown, Inc. intend to use the net proceeds from this offering, together with borrowings under our revolving credit facility, cash on hand and other borrowings, to fund the cash consideration and other amounts payable under the GRP Acquisition Agreement, and to pay fees and expenses associated with the foregoing. GRP has annual turnovers of $340 million and employees over 2100 insurance professionals. GRP will operate within the Brown & Brown Retail segment and will continue to be led by Mike Bruce, global Chief Executive Officer of GRP. Following the completion of the transaction, Mike will report to Barrett Brown, President of the Retail segment and Executive Vice President and serve as a member of the Brown & Brown senior leadership team. The transaction is subject to regulatory approvals, including the approval of the Financial Conduct Authority of the United Kingdom, and is expected to close in the third quarter of 2022. Gavin Gordon and Andrew Gray of Willkie Farr & Gallagher LLP acted as legal advisor to Searchlight Capital. Jonathan Walters, AJ Venter and Simon Skinner of Travers Smith LLP acted as legal advisors to Brown & Brown. Richard Bull, Andy Houghton, Vishnu Shankar, Kelly McMullon, Nicola Bartholomew, Vicki McKay, Paul Hughes and Stephen Pevsner of Proskauer Rose LLP acted as legal advisors to GRP. Evercore Inc. (NYSE:EVR) acted as financial advisor for Global Risk Partner limited. J.P Morgan acted as financial advisor to Brown & Brown.
Brown & Brown, Inc. (NYSE:BRO) completed the acquisition of Global Risk Partners Limited on July 1, 2022.
Brown & Brown, Inc. is an insurance group organized around five business segments:
- sale of insurance products (57.3% of revenues): for commercial, professional and individual customers. The group also offers services and warranty products not covered by insurance through its services to car dealers;
- management of national insurance and coverage programs (25.3%): including the sale of professional liability insurance products, a wide range of insurance products for individuals and property and casualty insurance to members of various professional and business associations. The activity is carried out through a national network of independent agents;
- insurance brokerage (12.7%): sale of surplus insurance policies from companies and individuals through independent agents and brokers;
- services (3.8%): including third-party claims management services and workers' compensation and employee benefits consulting services ;
- other (0.9%).