Chicago-based benefits advisor to continue to operate autonomously, management teams and staff to remain in place
CHICAGO, IL, APRIL 24, 2014 - Pacific Resources Benefits Advisors, LLC announced today that it has entered into a merger agreement to be acquired by Brown & Brown, Inc (NYSE: BRO). The transaction is expected to be completed in May 2014, subject to receipt of required regulatory approvals. Pacific Resources is currently owned by its executive leaders, Paul Barden, CEO, and Paul Rogers, President and COO.
Pacific Resources executive and senior leadership teams will remain in place and no staffing changes are expected. Pacific Resources will continue to operate from its headquarters in Chicago and 12 regional locations throughout the country.
“This is an incredibly positive step for our company, our employees and our clients,” said Barden. “We knew that if we really wanted to achieve all of the goals we’ve set for the company, we were going to need more resources. But we also knew we had to find the right fit. Brown & Brown’s outstanding track record of acquiring and investing in growing companies, while preserving autonomy, was the single-most important factor in our decision to merge,” said Barden.
Pacific Resources is a leading independent employee benefits advisory firm that works with Fortune-ranked and other large companies. For over three decades, Pacific Resources’ evidence-based insights have shaped innovative employee benefit solutions, helping companies get the most value from their benefit plans, and positively impacting the lives of millions of employees.
“Having the resources of Brown & Brown behind us will allow us to further accelerate the growth of our core advisory services to meet increasing demand for innovative, evidence-based solutions to Life, Disability, Voluntary, Executive, Dental, Global and other non-medical benefits needs,” said Rogers. “In addition, it will allow us to develop new service offerings that address emerging needs or gaps in the marketplace created by healthcare reform, technology and other industry trends.”
Brown & Brown, Inc. is the nation’s seventh largest independent insurance intermediary and offers a broad range of insurance and reinsurance products and a variety of risk management, third-party administration, and other services to U.S. businesses, public entities, individuals, and trade and professional associations.
Powell Brown, Chief Executive Officer of Brown & Brown, stated, “Paul and Paul have done an outstanding job in building Pacific Resources into an independent trusted advisor and partner for its clients. Pacific Resources shares the Brown & Brown sales culture, which is a combination of unparalleled client service and subject matter expertise, and works closely with its carrier partners to provide optimal solutions for its clients. We are excited that the Pacific Resources team will be our new teammates at Brown & Brown.”
Zukerman Gore Brandeis & Crossman, LLP served as a legal advisor to Pacific Resources.
About Pacific Resources
Pacific Resources is a leading independent employee benefits advisory firm that works with Fortune-ranked and other large companies. For over three decades, Pacific Resources’ evidence-based insights have shaped innovative employee benefit solutions, helping companies get the most value from their benefit plans, and positively impacting the lives of millions of employees. http://www.pacresbenefits.com.
About Brown & Brown
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States’ seventh largest independent insurance intermediary. Brown & Brown’s Web address is http://www.bbinsurance.com.