Barney & Barney merged with Oakland Brokerage
The owners of Barney & Barney LLC decided to expand two years ago, at the opening of an office of Orange County as a complement to San Diego headquarters a few months.
But when it came, time, the Northern California market, the makers of the industry on the strength of insurance brokerage have decided to merge - Oakland-based Saylor & Hill Co. — Would be the best solution, after a notice on January 24.
Terms of the transaction provides that on March 31 were not disclosed.
Indeed, both have established brokerages name in the insurance industry - Barney & Barney celebrates its hundredth anniversary next year, while Saylor & Hill was founded in 1933 - the names of individual companies, even if they are using a name attached, B & B Co.
Annual premiums under the new company are estimated at $ 1 billion of the USA, the combined accounts receivable 25000 generate $ 62 million in annual revenue after the announcement of the merger.
“We want the highest figure during the years 2008,” said Paul Herring, key management and Chief Executive Officer of B & B Co., the same as it has with Barney & Barney. “We hope for $ 65 (million) to $ 75 million at the end of 2008.”
The company The three offices employ staff is a combination of 270 with 25 owners.
We have always been very interested in the Bay Area, “said Herring.” They (Saylor & Hill) are a good fit for our company. ”
He said that B & B is maintained Brokerage Co. ’s status as a private company. There will always be a major insurance companies, risk management and benefits to workers solutions, according to a press release.
“The three central offices, our priority,” said Herring. “… We hope that organic growth and the best talent to remain a private company.
Barney & Barney lists its “core competencies” such as the Technology / Life Sciences, schools or public bodies, hospitality, International Risk, health care, other risks and car dealers its website.
B & B Co. It is expected that “debuts in the Top-50 of the Insurance Business Magazine list of 100 largest U.S. brokers, after a declaration of Barney & Barney. Although further expansion is still part of a long-range plan , Herring, said that now, for the company to ensure the success of the operation.
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