US-based insurance company Brown & Brown has brokered a deal to acquire all assets of Loan Protector Insurance Services (LP Insurance).
Following the acquisition, the company will continue to operate from its Cleveland headquarters and led by its current co-owner Dennis Swit.
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The financial terms of the transaction have not been made public.
Under the terms of the deal, LP Insurance will be fully merged into Proctor Financial Insurance, a subsidiary of Brown & Brown.
Founded in 1978, LP Insurance provides lender-placed insurance products and insurance tracking services to mortgage servicing industry.
The firm was previously owned by Willis Towers Watson and later acquired by LP Insurance in January 2018.
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By GlobalDataDennis said: “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.”
Established in 1939 and headquartered in Florida, Brown & Brown provides risk management solutions to individuals and businesses.
As of 2019, the insurer reported had company revenue of $2.39bn and $7.6bn in total assets.
Brown & Brown national programs president Chris Walker said: “Dennis and the Loan Protector team are recognized 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 joins Brown & Brown.”
Subject to receipt of regulatory approvals, the transaction is expected to be completed in April 2020.
Recently, Brown & Brown of Kentucky acquired all assets of Northeast Dealer Consultants to expand its footprint in upstate New York.
