US-based insurance broker Brown & Brown, through its subsidiary, has acquired all the assets of Pacific Underwriters.
The financial terms of the transaction were not disclosed.
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Founded in 1941, Pacific Underwriters manages public utility insurance risk pools in the state of Washington.
It is also engaged in offering insurance solutions for dental specialists in the Pacific Northwest.
Under the agreement, the Pacific Underwriters team will carry on operating out of its current location in Seattle, Washington, following the takeover.
The acquired company will become part of Brown & Brown’s national programmes segment.
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By GlobalDataBrown & Brown national programmes segment chief operating officer Tom Kussurelis said: “This transaction is a unique opportunity for us to boost our capabilities in two different specialised niches.
“We are pleased to continue expanding the National Programs segment’s abilities and footprint in the Pacific Northwest and look forward to an exciting future of shared success with the talented Pacific Underwriters team.”
Pacific Underwriters president Richard Rodruck added: “For nearly four decades, Pacific Underwriters has served public utility risk pools as a programme manager in the State of Washington. We have also enjoyed a long-standing relationship with Brown & Brown in offering insurance solutions to dentists and dental offices.
“We are excited about the cultural and operational similarities between our organisations and look forward to continuing to provide the same high-quality, customer-focused service as part of the Brown & Brown team.”
Earlier this week, Brown & Brown, through ABL Group, acquired Davison & Associates (NI) and Davison Lamont, bolstering its presence in Northern Ireland.
Davison & Associates is an insurance claims management company and Davison Lamont operates as an insurance consultancy.
Last week, the insurance intermediary concluded the takeover of UK-based insurance company Kentro Capital.
