Pacific Resources Inks Merger Pact to be Acquired by Brown & Brown

Pacific Resources Benefits Advisors announced that it has entered into a merger agreement to be acquired by Brown & Brown, Inc.

According to a release, the transaction is expected to be completed in May 2014, subject to receipt of required regulatory approvals. Pacific Resources is currently owned by its executive leaders, Paul Barden, CEO, and Paul Rogers, President and COO.

Pacific Resources said its executive and senior leadership teams will remain in place and no staffing changes are expected. Pacific Resources will continue to operate from its headquarters in Chicago and 12 regional locations throughout the country.

"This is an incredibly positive step for our company, our employees and our clients," said Barden. "We knew that if we really wanted to achieve all of the goals we've set for the company, we were going to need more resources. But we also knew we had to find the right fit. Brown & Brown's outstanding track record of acquiring and investing in growing companies, while preserving autonomy, was the single-most important factor in our decision to merge," said Barden.

Pacific Resources is an independent employee benefits advisory firm that works with Fortune-ranked and other large companies. For over three decades, Pacific Resources' evidence-based insights have shaped employee benefit solutions, helping companies get the most value from their benefit plans, and positively impacting the lives of millions of employees.

"Having the resources of Brown & Brown behind us will allow us to further accelerate the growth of our core advisory services to meet increasing demand for innovative, evidence-based solutions to Life, Disability, Voluntary, Executive, Dental, Global and other non- medical benefits needs," said Rogers. "In addition, it will allow us to develop new service offerings that address emerging needs or gaps in the marketplace created by healthcare reform, technology and other industry trends."

Powell Brown, Chief Executive Officer of Brown & Brown, stated, "Paul and Paul have done an outstanding job in building Pacific Resources into an independent trusted advisor and partner for its clients. Pacific Resources shares the Brown & Brown sales culture, which is a combination of unparalleled client service and subject matter expertise, and works closely with its carrier partners to provide optimal solutions for its clients. We are excited that the Pacific Resources team will be our new teammates at Brown & Brown."

More information:

www.bbinsurance.com

www.pacresbenefits.com

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