Brown & Brown Grows Specialty Unit With Shoemaker & Besser Buy - Brown & Brown (NYSE:BRO)

Core Viewpoint - Brown & Brown, Inc. has made a strategic acquisition of Shoemaker & Besser Associates, enhancing its capabilities in the specialty insurance market [1][2]. Group 1: Acquisition Details - The acquired business, Shoemaker & Besser, is a full-service managing general agent based in York, Pennsylvania, established in 1959, providing specialty personal and niche commercial insurance products [2]. - The acquisition will allow Brown & Brown's specialty unit to utilize Shoemaker & Besser's automation tools and product access, thereby strengthening offerings for retail brokers [3]. Group 2: Operational Impact - The Shoemaker & Besser team will continue to operate from York and will report to Jason Haupt, the regional president of Bridge Specialty Group's Mid-Atlantic and Delta region [3]. - The capabilities of the acquired team are expected to complement and expand solutions across contract binding and light brokerage services, according to Bridge Specialty Group President Anurag Batta [4]. Group 3: Seller Perspective - The owners of Shoemaker & Besser, Jack Brubaker and L. Allan Boyd, believe that the combination will enhance market access while maintaining the personalized service that the company is known for [5]. - This acquisition provides Brown & Brown's specialty unit with additional depth to compete for niche personal and business coverage relationships [5]. Group 4: Market Reaction - Following the announcement of the acquisition, Brown & Brown shares increased by 2.55%, trading at $80.82 [5].