By Rebecca Delaney
March 10 - (The Insurer) - Brown & Brown has agreed to acquire construction specialist Premier Commercial, with the Lloyd's coverholder to become part of the broker's European MGA division.
Brown & Brown has acquired 100% of Premier Commercial's share capital for an undisclosed consideration. The deal has received regulatory approval.
Edinburgh-based MGA Premier Commercial specialises in niche construction sector property and complex liability programs.
The firm was established in 1995 by Crawford and Joyce Boyd. Crawford Boyd will continue to lead the business, reporting to Barry Driscoll, chief trading officer of Brown & Brown Europe’s MGA division.
Clive Nathan, CEO of underwriting at Brown & Brown Europe, said Premier Commercial will be "complementary" to Camberford Underwriting, which also sits in the MGA division.
Last month, Brown & Brown named former Willis Re and Inver Re CEO Steve Hearn as chief operating officer.
Hearn had served as a non-executive director on Brown & Brown’s board since August last year, a role he relinquished to take up the COO position.
Brown & Brown said in a statement that that the senior hire was part of an effort to hit its next interim revenue goal of $8 billion.
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