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Proctor Retains Independence under Brown & Brown.(Proctor Financial Insurance)(Brief Article)

Mortgage Servicing News

| October 01, 2004 | COPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

In April, Brown & Brown Inc. here acquired ownership of Proctor Financial Insurance, but the new owners are not changing much at the firm.

Tom Proctor still runs the company and his management team remains intact in the firm's Troy, Mich., office. Cory Walker, chief financial officer at Brown & Brown, said that's the way the parent company wants it.

"The only thing that has changed with Proctor is the ownership, and Proctor will continue to operate just like they always have. Tom proctor still runs it. He is the profit center manager."

Brown & Brown, which is ranked as the nation's sixth largest independent insurance intermediary by Business Insurance magazine, has acquired many local insurance agents and related businesses in recent years. Mr. Walker said the company's strategy is not to centralize operations but to allow each of its "branches" to operate autonomously.

He described Proctor as the best provider of lender-placed insurance that he knows of, but Mr. Walker also said it wasn't the lender-placed ...

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Source: HighBeam Research, Proctor Retains Independence under Brown & Brown.(Proctor...

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