DAYTONA BEACH, Fla. — J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Mark Hauser, Chairman of HAUSER (“HAUSER”), today announced that Brown & Brown, Inc. (Brown & Brown) has entered into an agreement to acquire the assets of HAUSER. The transaction is expected to close in September 2020, subject to certain closing conditions.
HAUSER focuses on unique insurance solutions for private equity groups and their portfolio companies inclusive of M&A advisory and due diligence services, placement of insurance solutions for all aspects of business risk, employee benefits advisory services and 401(k) plan compliance. The agency was founded 50 years ago by the Hauser family and, under the leadership of Mark Hauser and James Stines, has developed deep specialization in M&A and risk advisory services for the private equity industry. HAUSER will continue to operate from its headquarters in Cincinnati, Ohio, led by James Stines.
Barrett Brown, President of Brown & Brown Retail Division, stated, “Mark and James have built an incredible team at HAUSER which provides best-in-class services for private equity firms and their portfolio companies. The ability to provide a continuum of services from initial due diligence to risk management solutions allows the HAUSER professionals to provide an incredibly high level of understanding, service and outcomes for their customers. We are excited to join the expertise and private equity focus of the HAUSER team with the capabilities of Brown & Brown to benefit our collective customers.”
Mark Hauser stated, “My family has owned this company for 50 years. We are very proud of the culture we have created. The team that we assembled is the best in the industry. It was of paramount importance to us for them to move forward with an outstanding organization. Powell, Barrett and Brown & Brown are the right stewards to carry our legacy forward. I want to thank all of our teammates, clients and insurance companies for their incredible loyalty all these years.”
James Stines added, “This transaction represents an exciting new chapter for HAUSER. We are extremely proud of all we have accomplished, and we believe our partnership with Brown & Brown will enhance our ability to provide our clients and our private equity partners with the very best insurance and risk management solutions. We look forward to combining our specialized knowledge and outstanding service with the expansive resources and broad national expertise of Brown & Brown.”