BRO - Brown & Brown Inc. announces sale of certain third-party administer businesses and enters into long-term strategic relationship with Davies Group Ltd. | Benzinga
DAYTONA BEACH, Fla., Oct. 31, 2023 (GLOBE NEWSWIRE) -- J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. (NYSE:BRO), today announced an agreement with Davies Group Ltd. ("Davies") that includes the sale of four third-party administrator ("TPA") businesses and a long-term strategic commercial relationship. The transaction is expected to close in December of 2023, subject to certain closing conditions.
The four claims and services businesses to be acquired by Davies include American Claims Management (ACM) (a TPA), Preferred Governmental Claims Services (PGCS) (a claims management business specializing in Florida governmental and municipality agencies), USIS (a leading supplier of managed care services and TPA for workers' compensation and liability claims) and ICA (a premier independent property adjusting firm) (collectively, the "TPA Operations"). All 600 teammates in the TPA Operations will be transitioning to the Davies team as part of this transaction and will continue to serve their valuable customers and carrier partners as they do today as part of Brown & Brown. Further, Brown & Brown is establishing a long-term commercial relationship with Davies to leverage their claims services capabilities to enhance Brown & Brown's core brokerage and programs operations.
Chris Walker, president of the National Programs segment, stated, "Brown & Brown has had a working relationship with the Davies organization for many years. As they began to look at expanding their presence in the United States, ...