Houston-based insurance and employee benefits broker Insgroup has acquired Fred Brown Insurance Brokerage (FBIB) for an undisclosed price to improve its employee benefits offering to large employer groups.
Image: Insgroup to acquire Fred Brown Companies. Photo: courtesy of David Castillo Dominici/Freedigitalphotos.net.
Insgroup also acquires Fred Brown Property Casualty (“FBPC”). All Fred Brown Companies’ employees will join Insgroup and bring their commitment to exceptional client services to the combined team.
The expertise and resources that Fred Brown’s team brings to Insgroup will create one of the largest independent, privately held employee benefits consulting and brokerage practices in the Region.
The combination of the two teams will position Insgroup to deliver the Employee Benefits products, services, and resources that mid-size and large employers require, but with a more closely aligned, personalized approach to consulting and service that many smart HR and finance executives are seeking.
In addition, Fred Brown’s clients will benefit from Insgroup’s current position as one of the leading privately held, independent Property and Casualty brokerage firms in the United States.
Insgroup’s Commercial Insurance practice concentrates on successful privately held businesses that desire a relationship with a broker who goes further to help control total cost of risk. Insgroup’s areas of specialty include the real estate, construction, manufacturing/processing, transportation, and technology/professional services industries, as well as not-for-profits.
Insgroup also offers best-in-class personal insurance products and services to successful individuals and families through its regional Private Client practice.
FBIB managing partner Tommy Harris said: “Insgroup’s approach to providing exceptional services and relentless advocacy on behalf of its clients made them an attractive partner for our team.
“We are thrilled to tap into Insgroup’s expertise in property and casualty insurance and risk management for our clients, while simultaneously adding value for their larger employer clients in the employee benefits arena.”
FBIB founder Fred Brown said: “Having been in the insurance business for nearly four decades, I have seen plenty of changes and shifts in the industry.
“One thing that remains the same today as 40 years ago is the clients’ expectation that service providers will go to bat for them. By joining forces with Insgroup, a firm that shares our client-first approach and commitment to independence, we are confident our clients will be able to expect this level of service in every area of their insurance needs.”
Insgroup president and CEO Brian Kapiloff said: “We are tremendously excited to welcome Fred, Tommy, Brad Stephenson, and Mason Howard and their respective service teams to the Insgroup family.
“Fred and his team have a long track record of success in employee benefits and are recognized throughout Texas as leaders in their field. Our mutual clients will now be represented by what we believe is the leading “all lines” independent firm in Texas.
“We are now uniquely positioned to serve the insurance, risk management and employee benefits needs of the most successful privately-owned businesses, but with the personal touch only an independent firm can provide.”
Source: Company Press Release