Brown & Brown agrees to acquire MGA Pardus Underwriting Limited

London, UK: Brown & Brown (Europe) Ltd, part of Brown & Brown, Inc. (“Brown & Brown”), have agreed to acquire Pardus Underwriting Limited, an MGA specialising in Property Owners and Commercial Combined products.

Headquartered in Cranbrook, Kent, and with offices in London, Pardus Underwriting was established by Chief Executive Officer Keith Thompson and Chief Underwriting Officer Darren Stockman in 2013. Keith, Darren, and all their team will continue post-acquisition, and the business will continue to operate from its existing locations. The acquisition underscores Brown & Brown’s ongoing appetite for acquiring niche and specialist MGAs.

Clive Nathan, Chief Executive Officer, Underwriting of Brown & Brown (Europe), said: “We’re delighted to welcome Pardus into the Underwriting division. Their commercial combined specialization enhances our product suite and brings fresh capability that we know our broker partners want. “With strong organic growth potential and a highly experienced team, Pardus is an excellent fit for our strategy.”

Keith Thompson, Chief Executive Officer of Pardus Underwriting, said: “Joining Brown & Brown (Europe) marks an exciting new chapter for Pardus. “We’re proud of what we’ve built over the past decade, and this move gives us the platform to accelerate our growth while continuing to deliver specialist products and exceptional service to our brokers and customers.” The deal has received regulatory approval, and the consideration is undisclosed.

About Brown & Brown
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions and specializations since 1939. With a global presence spanning 700+ locations and a team of more than 23,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at BBrown.com.

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This press release may contain certain statements relating to future results, which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown& Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.