IBJNews

Brown & Brown acquires Mavum benefits brokerage

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis-based benefits brokerage Mavum Consulting LLC has sold its assets to Florida-based Brown & Brown Inc., the two companies reported Tuesday.

Mavum, with a staff of 13, had been pulling in annual revenue of $1.3 million by matching employers with health, life, dental, vision and disability insurance coverage for their workers, as well as offering commercial liability and property and casualty insurance.

Brown & Brown is the largest benefits brokerage in the Indianapolis area, according to IBJ research. It has 82 local employees, who handled $865 million in premiums last year.

Mavum’s staff will move from its office at 7160 Graham Road to Brown & Brown’s local office at 11555 N. Meridian St. Mavum founder and president Rod Reasen II will help with the transition in a consulting role over the next two years.

However, Reasen has been growing a second company, Healthiest Employers LLC, which is offering wellness programs to companies in several states.

Brown & Brown has acquired numerous benefits brokerages in recent years as many smaller brokerages have sold to national firms or merged small local players. Brokers say they need more heft to negotiate with larger health insurance companies and more resources in order to offer the sophisticated tools and services to help them improve their employees’ health habits.

Brown & Brown became the largest local brokerage after a string of five acquisitions between January 2008 and March 2009.

"Our Indianapolis office has grown significantly over the last few years, and we are honored to have ... members of [the] Mavum team join our operation and contribute to that growth and success,” J. Scott Penny, Brown & Brown’s regional vice president over Indiana, asid in a statement.

ADVERTISEMENT

  • Made me think of...
    This IBJ made me think of our friends that I ran into recently...

    B&B is the firm that bought out Mr. Sheehan's son-in-law's family business, and I wonder if our friends have something like this in mind.

    Knowing the industry, whatcha think?

    Love/Dad

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

ADVERTISEMENT