Berkshire Hills Bancorp Inc. and Brown & Brown Inc. announced the execution of a definitive agreement for the sale of the assets and operations of Berkshire Insurance Group, Inc. (BIG), a subsidiary of Berkshire Hills, to Brown & Brown of Massachusetts LLC, a subsidiary of Brown & Brown. The transaction is subject to customary conditions and is expected to be completed in the third quarter.
BIG has been providing insurance coverage to customers across the Northeast since its inception in 2000, growing into one of the largest insurance agencies in Western Massachusetts. It provides personal and commercial property/casualty insurance solutions.
Brown & Brown has offered positions to existing BIG employees resulting in no job eliminations. Following the acquisition, BIG will become a new stand-alone operation within Brown & Brown’s retail segment under the leadership of John Flaherty.
BIG’s offices in Greenfield, Longmeadow, Pittsfield, Stockbridge and Westfield, Massachusetts, will continue to operate from their current locations, and its other locations will physically combine with existing Brown & Brown offices.
In addition, through a partner relationship, Berkshire Bank will continue to refer customers to Brown & Brown. Don McGowan, a regional president in Brown & Brown’s retail segment with responsibility for various offices in Massachusetts and the Northeast, will oversee the new, combined operations.
RBC Capital Markets is acting as financial advisor to Berkshire, and Luse Gorman, PC is acting as legal advisor to Berkshire on this transaction.
Source: Brown & Brown Inc.
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