US insurance brokerage firm Brown & Brown has acquired substantially all of the assets of New Jersey-based Innovative Risk Solutions for an undisclosed price.
Innovative Risk Solutions was established in 2004 by Sean Gormley, who was the only shareholder of the company, prior to the transaction.
The company, which started providing employee benefits solutions for its customers, provides custom-built insurance products and administrative processes to create a servicing solution for the investor marketplace.
Innovative Risk Solutions caters to real estate investors, hard money lenders and community banks by providing them a combination of process automation, risk mitigation, and cost-efficiency.
Gormley said: “Joining with the Brown & Brown team allows us to continue to provide the level of service our customers appreciate, and with Brown & Brown’s nationwide presence, we will enhance our ability to serve customers outside of New Jersey, Pennsylvania and New York. Finding a partner with similar business philosophies and culture made this an easy decision.”
Innovative Risk Solutions will now operate as a new independent office within Brown & Brown’s retail division and will be located in Atlantic County in New Jersey. The business will be continued to be led by Sean Gormley.
Brown & Browne retail segment senior vice president Rich Knudson said: “Sean and his incredibly capable team have built a highly efficient and forward-thinking employee benefits practice.
“The Innovative team shares Brown & Brown’s cultural values of placing the customer’s needs first and working as teammates to provide effective benefits insurance solutions.”
Earlier this week, Brown & Brown through its subsidiary Brown & Brown of Kentucky acquired substantially all of the assets of LSI Lender Services for an undisclosed price.
LSI has been providing finance and insurance (F&I) performance and compliance management for auto dealers across New Hampshire and the Northeast for more than 15 years.
Brown & Brown, which provides risk management solutions to individuals and businesses, operates through four business segments – retail, national programmes, wholesale, and services.
Last month, the insurance brokerage firm acquired substantially all of the assets of Twinbrook Insurance Brokerage and Twinbrook Insurance Agency for an undisclosed price.