J. Scott Penny, chief acquisitions officer of Brown & Brown (BRO), and John Budds and Bill Budds, the majority shareholders of Smith Insurance announced that Brown & Brown of Connecticut, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Smith Insurance.
Smith Insurance has provided personal lines and commercial insurance services in Connecticut and Rhode Island for over 75 years. Smith Insurance has annual net revenues of approximately $5.5 million.
Smith Insurance will be based at its current location in Niantic, Connecticut, as a Brown & Brown profit center, and will continue under the sales leadership of Bill Budds and operational leadership of Mike Meeneghan. The new profit center will report to Don McGowan, Executive Vice President of Brown & Brown of Connecticut, Inc.
Mr. McGowan stated, "Smith Insurance has been a fixture in the insurance brokerage space in Connecticut for many years. We are excited that the Smith Insurance team will be joining with Brown & Brown, where we can provide them with new products to enhance the great personal service the team provides to its clients."
Bill Budds stated, "Brown & Brown will provide our team with a platform to build on our history of delivering positive results for our clients. In addition, Brown & Brown is committed to Smith Insurance remaining an integral part of the Niantic community."
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.