Brown & Brown, Inc. Enters Into Agreement to Acquire Loan Protector Insurance Services
DAYTONA BEACH, FL — J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Dennis and Dawn Swit, the owners of LP Insurance Services LLC (“Loan Protector”), announced that Brown & Brown, Inc. (Brown & Brown) has entered into an agreement to acquire the assets of Loan Protector. The transaction is expected to close in April 2020, subject to certain closing conditions.
For over 40 years, Loan Protector Insurance Services has focused on lender placed insurance and insurance tracking services for the mortgage servicing industry. Dennis Swit has been a leader at Loan Protector for 25 years, most recently as owner and CEO. Loan Protector will continue to operate from its headquarters in Cleveland, Ohio, led by Dennis.
Chris Walker, President of Brown & Brown National Programs, stated, “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 join Brown & Brown.”
Dennis Swit stated, “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.”