Brown & Brown to Acquire The Wright Insurance Group
Last Wednesday, January 15th, The Wright Insurance Group, LLC announced that it has entered into a merger agreement to be acquired by Brown & Brown, Inc. The deal is expected to take full effect in April 2014, pending the receipt of required regulatory approvals. Currently, Wright Insurance Group, LLC is owned by management and a group of investors led by Aquiline Capital Partners, LLC, headquartered in New York.
Wright will still maintain its current operational leadership team, and will continue to operate from its current locations, which are Uniondale and Albany, New York and St. Petersburg, Florida. Brown & Brown’s senior leadership has confirmed that there will be no disruption to Wright’s service teams, and there will be no change in Wright’s policyholder and producer relationships.
William Malloy, president of The Wright Insurance Group, states that “We are delighted to join forces with a permanent owner that is so highly respected in the program insurance sector. Brown & Brown has an outstanding track record of preserving the autonomy of the companies it acquires.” Malloy feels as though having the deep resources of Brown & Brown will allow Wright Insurance Group to expand their specialized insurance and management services, and continue the extraordinary growth and success Wright has enjoyed.
Brown & Brown, Inc. is the nation’s seventh largest independent insurance intermediary and offers a broad range of insurance and reinsurance products, in addition to a variety of risk management, third-party administration, and other services to U.S. businesses, public entities, individuals, and trade and professional associations. For more information, visit www.bbinsurance.com. More information about The Wright Insurance Group and its subsidiaries is available at www.wrightinsurance.com.
Caitlin-Morgan is a MGU and wholesale insurance brokerage providing program incentives as well as on-going oversight. We are committed to client satisfaction, so whether you are looking for markets unavailable to your clientele or complete Alternative Risk solutions for your clients, we can help. Please contact us today for more information at (877)226-1027.