AssuredPartners pays Brown & Brown $20m to settle poaching lawsuit

Brown & Brown, a provider of re/insurance products, has settled its lawsuit against a number of its former employees, their current employer AssuredPartners and several key executives within the rival firm.

Florida-based AssuredPartners will pay $20 million to Brown & Brown to settle the case as well as agreeing to stop soliciting Brown & Brown employees.

Powell Brown, the CEO of Brown & Brown, said: "We are satisfied with the settlement in this second litigated case with AssuredPartners, and we believe this matter was resolved appropriately within the judicial process."

Robert Lloyd, general counsel of Brown & Brown, added: "We are pleased that this settlement will wholly compensate us for the repeated violations by the defendants and we are gratified with this result for Brown & Brown, our teammates, clients and shareholders.

“Our goal is always to handle matters involving our business in a professional, collaborative spirit; however, we will not hesitate to protect our company through legal action when the situation demands it."

Today’s top stories

Reshuffle at White Mountains as Barrette steps down

Munich Re leads expanded reinsurance coverage for Pool Re

Liberty Mutual to hike motor rates as claims inflation hits profits

DARAG CEO steps down as new executive committee is formed

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.