SOURCE: The Wright Insurance Group
UNIONDALE, NY--(Marketwired - January 15, 2014) - The Wright Insurance Group, LLC (Wright) announced today that it has entered into a merger agreement to be acquired by Brown & Brown, Inc. The transaction is expected to be completed in April, 2014, subject to receipt of required regulatory approvals. Wright Insurance Group, LLC is currently owned by management and a group of investors led by Aquiline Capital Partners, LLC, headquartered in New York.
Wright's current operational leadership will remain in place, and Wright will continue to operate from its current locations in Uniondale and Albany, New York and St. Petersburg, Florida. All of Wright's operations will become part of Brown & Brown's National Programs Division. The senior leadership at Brown & Brown have confirmed that there will be no disruption to Wright's service teams, and there will be no change in Wright's policyholder and producer relationships.
"We are delighted to join forces with a permanent owner that is so highly respected in the program insurance sector. Brown & Brown has an outstanding track record of preserving the autonomy of the companies it acquires," said William Malloy, president of The Wright Insurance Group. "Having the deep resources of Brown & Brown behind us will allow us to expand our specialized insurance and risk management services and to continue the extraordinary growth and success our company has enjoyed. Further, Brown & Brown's experience in the public entity sector will only serve to strengthen Wright's current capabilities."
Subsidiaries of The Wright Insurance Group include: Wright Risk Management Company, LLC; Wright Specialty Insurance Agency, LLC; Wright Risk Consulting, LLC; Wright Program Management, LLC; Wright National Flood Insurance Services, LLC, and Wright National Flood Insurance Company. More information is available at www.wrightinsurance.com
Brown & Brown, Inc. is the nation's seventh largest independent insurance intermediary and offers a broad range of insurance and reinsurance products and a variety of risk management, third-party administration, and other services to U.S. businesses, public entities, individuals, and trade and professional associations. For more information, visit www.bbinsurance.com
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