US-based independent insurance intermediary Brown & Brown has completed the earlier-disclosed acquisition of Beecher Carlson Holdings, an insurance and risk management broker.
Earlier in May 2013, Brown & Brown signed an agreement to acquire Beecher Carlson Holdings from Austin Ventures, FSPM and a group of individual employee and non-employee equity holders, for a total net consideration of $336.5m.
As per the terms of the deal, Beecher Carlson current president Steve Denton will replace Dan Donovan as CEO.
Denton has also been named as regional vice president of Brown & Brown and Donovan as executive chairman of Beecher Carlson.
Both the executives will be actively involved in the daily operations of Beecher Carlson and will also join Brown & Brown’s Leadership Council.
Beecher’s account division will remain operating under its current leadership based in Atlanta, Georgia, whereas middle-market retail offices in Oregon, Arizona and Mississippi will become part of the existing Brown & Brown Retail Division.
Beecher Carlson Holdings had total annual net revenues of $105.6m for 2012.