NEWARK – B&H Insurance, an independent agency, has been acquired by AssuredPartners, a fast-growing international full-service brokerage.
Founded 47 years ago as Bramhall & Hitchen Insurance, the agency was renamed B&H Insurance under current President and CEO John Boykin in 2016. BHI has a team of 26 today, all of whom will continue on under the new ownership.
AssuredPartners, which will move its headquarters into Orlando next year from that city’s suburbs, has been growing rapidly with 20 acquisitions in 2021 alone. The terms of its deal with BHI, which closed June 11, were not disclosed.
“At BHI, we are incredibly excited to be the first AssuredPartners agency in The First State. The decision to join AssuredPartners will further align with our mission of maintaining a client-focused culture while offering ample growth opportunities to our valued employees,” Boykin said in a statement announcing the deal.
BHI currently reports $8 million in annualized revenues, while Assured Partners has quickly become the 11th largest insurance firm doing business in the U.S., reporting more than $1.4 billion in revenue for 2019, according to Business Insurance.
AssuredPartners has more than 8,000 employees located in offices throughout North America, London, Belgium and Scotland, providing commercial insurance, risk management, employee benefits and personal lines through consulting and services.
“At AssuredPartners, we’re not just in the insurance business, we are in the business of developing strong, lasting relationships,” said Randy Larsen, president of AssuredPartners, in a statement. “With this acquisition, we have gained an organization whose vision and values align strongly with what AssuredPartners stands for. We are thrilled to have them on our team.”