Servco Pacific Inc. Announces Agreement to Sell Insurance Brokerage Business
Servco Pacific Insurance will be sold to Brown & Brown, Inc.
HONOLULU – Servco Pacific Inc. (Servco) today announced that it has entered into an agreement to sell its insurance brokerage business to Brown & Brown, Inc. (Brown & Brown) for an undisclosed amount. The acquisition is targeted to close in June 2018, subject to certain closing conditions.
“I am proud of our team and the success we’ve had in Hawaii and the Pacific Northwest,” said Mark Fukunaga, chairman & CEO of Servco. “We are thankful to our team members and clients whom we had the privilege to serve over the past 45 years. I am confident Brown & Brown will bring the right resources, expertise, and values to take Servco Pacific Insurance (SPI) to the next level.”
Brown & Brown, through its subsidiaries, offers a broad range of insurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States’ sixth largest independent insurance intermediary.
Powell Brown, chief executive officer of Brown & Brown, stated, “We share a common history with Servco of growing our respective family business into a market leader while building a strong culture that empowers our team members. Because of our similar DNA, we look forward to continuing the success of the Hawaii team and adding the depth and breadth of experience that will enhance our operations in the Pacific Northwest.”
SPI’s Hawaii operations will become Brown & Brown’s primary retail presence in the Islands, and SPI’s Pacific Northwest operations will merge with Brown & Brown’s existing office in Seattle under the leadership of Alex Bogaard. The Hawaii operations will be led by Dean Hirahara and Malcolm Tajiri. The marine operation in the Pacific Northwest will continue to be led by Graham Gardner. All SPI operations will report to John Esposito, regional president of Brown & Brown.
“We’re looking forward to continuing our existing client relationships as part of the Brown & Brown family, and even more excited about the additional resources we’ll have to elevate the level of service and products we can provide,” said Dean Hirahara, senior vice president of Servco Pacific Insurance.
Acquired by Servco in 1971, SPI has annual revenues of $24 million. Operating in Hawaii and the Pacific Northwest, SPI offers a full range of property & casualty, and marine insurance products, risk management services, traditional and loss–sensitive insurance programs, and employee benefits consulting.
About Servco Pacific Inc.
Servco Pacific Inc. is a privately held company based in Hawaii. Founded in 1919 (as a two-car repair garage), it is the Toyota, Lexus, and Subaru distributor for Hawaii, with Toyota, Lexus, Subaru, Chevrolet and Chrysler/Jeep/Dodge automotive dealerships in Hawaii and Australia. It also has a home appliance operation that represents General Electric throughout Hawaii and other Pacific islands. In addition, Servco has a private equity portfolio, which includes co-majority ownership of Fender Musical Instruments Corporation. With over $1.6 billion in annual revenues, it is Hawaii’s largest privately owned company, and one of the Top 20 largest automotive dealer groups based in the U.S. It has been recognized as one of the “Best Places to Work in Hawaii” for 14 consecutive years since that award’s inception. For additional information, visit www.servco.com.
About Brown & Brown, Inc.
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States’ sixth largest independent insurance intermediary. Brown & Brown’s Web address is www.bbinsurance.com.