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Brown & Brown agrees to acquire Berkshire Insurance Group

Berkshire Hills Bancorp, and Brown & Brown Massachusetts have entered right into a definitive settlement for the sale of the belongings and operations of Berkshire Insurance coverage Group, (BIG), a subsidiary of Berkshire Hills.

Brown-Brown-LogoThe transaction is topic to customary circumstances and is predicted to be accomplished within the third quarter.

BIG gives insurance coverage protection to clients throughout the Northeast, the place they supply private and business property and casualty insurance coverage options.

Nitin Mhatre, Berkshire CEO, commented: “In keeping with Berkshire’s Thrilling Strategic Transformation (BEST) program, this transaction permits us to simplify our working mannequin, repurpose worthwhile assets and redeploy capital to help core companies and strategic initiatives that may improve long run stakeholder worth.

“On account of this transaction, we’ll document a internet achieve on sale of roughly $0.55 per share on a GAAP foundation within the third quarter, and anticipate $0.02 decrease earnings per share within the second half of 2021.”

Sean Grey, President & COO of Berkshire Financial institution added, “Berkshire has entered into an thrilling partnership with Brown & Brown via which we can serve our clients higher with an expanded providing of insurance coverage options.

“I additionally wish to thank the devoted workforce of workers at BIG, whom I’ve had the privilege of working alongside for the previous ten years, for his or her contributions to Berkshire and all our communities. I do know they’ll proceed to serve Berkshire clients effectively of their new roles with Brown & Brown.”

 

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