Brown & Brown unveils new acquisition in the US

Broker Brown & Brown has entered into an agreement to acquire Ohio-based Loan Protector Insurance Services.

The transaction is expected to close in April 2020, subject to certain closing conditions.

The acquired firm focuses on lender placed insurance and insurance tracking services for the mortgage servicing industry.

Loan Protector will continue to operate from its headquarters in Cleveland, Ohio, led by its owner and CEO Dennis Swit.

Chris Walker, president of Brown & Brown national programmes, said: “Dennis and the Loan Protector team are recognised industry leaders in the lender placed insurance space. Mike Cox and our Proctor Financial team have long held a healthy respect for Loan Protector as a high quality and capable competitor in the marketplace. We believe that adding Loan Protector’s capabilities with our solutions will benefit our collective customers. We are excited to have the experience and customer focus of the Loan Protector team join Brown & Brown.”

Swit added: “Joining Loan Protector and Proctor will create a company with three service locations, will provide professional growth opportunities for our teammates and will allow us to better serve our client partners. We are excited for the opportunity for our new and existing customers to benefit from the extensive knowledge and experience our combined teams bring to the market.”