J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Joe J. Bankofier, the majority shareholder of Lumbermens Insurance and Risk Solutions (Lumbermens), announced that Brown & Brown of Oregon, LLC, dba Brown & Brown Northwest Insurance, a subsidiary of Brown & Brown, Inc., acquired substantially all of the assets of Lumbermens on Friday, February 5.
Lumbermens has provided personal lines and commercial insurance services from offices in Bend, Oregon, since 1914. Lumbermens has annual net revenues of approximately $1.8 million. Lumbermens, comprised of 14 insurance professionals, will combine with Brown & Brown’s profit center in Bend, Oregon, and operate from the Lumbermens’ office location.
Bill McCabe, executive vice president of Brown & Brown Northwest’s Bend, Oregon, office, in collaboration with Joe Bankofier, will lead day-to-day operations. The new profit center will report to Jessica Getman, president of Brown & Brown Northwest Insurance.
Getman stated, “Lumbermens is synonymous with Bend, Oregon, having provided for the personal and commercial insurance needs of this community for more than 100 years. Through conversations I’ve had with Joe and his leadership team, I’m confident Lumbermens’ values and their commitment to providing exceptional, innovative insurance solutions for their clients, is consistent with Brown & Brown’s charter. Myself, Bill and Joe and his leadership team look forward to joining forces. Together we will continue delivering quality insurance solutions for our customers.”
Bankofier shared, “I am thrilled to have my team join the Brown & Brown organization. There are great synergies between our two teams here in Bend. I have no doubt this move will allow us to provide an even greater level of service to the community we’ve served for so many years. I am excited for the great opportunities the future holds for both the Lumbermens and the Brown & Brown team in Bend.”
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance 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.
