Burns & Wilcox has signed a definitive agreement to acquire McIntyre & Associates, a managing general agent (MGA) based in Ruston, Louisiana, and has signalled its intent to snap up more businesses.
The deal is set to complete in early Q2 2023. The acquirer’s president, Danny Kaufman, said that “today’s announcement signals to the marketplace that Burns & Wilcox is pursuing an aggressive acquisition strategy.”
“McIntyre has a thriving commercial business that aligns well with our significant presence in Louisiana and throughout the Southeast,” Kaufman said. “We look forward to having Bart and his team join ours, while continuing to expand Burns & Wilcox across the region.”
Bart Dugdale, McIntyre president, and his team of associates will remain with the business after the sale has officially closed. Dugdale will assume the role of associate managing director and will report to Bonnie Steen, vice president and managing director for Burns & Wilcox’s Louisiana and Arkansas divisions.
“An ideal fit”
McIntyre & Associates was founded in 1998 by Dugdale’s father-in-law, Bill McIntyre, and has since spread its operations across the state of Louisiana, with a focus on contractors, lessors’ risks, restaurants, special events, and commercial packages, among others.
“Joining a global organization like Burns & Wilcox is an ideal fit for our company,” said Dugdale. “They are committed to investing the resources to fuel our growth and will give our team tremendous professional development opportunities.
“We were attracted to the independence of Burns & Wilcox and its family ownership.”
Burns & Wilcox has “made it clear that they want our office to play a vital role” in the business’s future, according to Dugdale.
“Our team is looking forward to years of success as being a part of Burns & Wilcox,” Dugdale said.
The deal comes as One80 Intermediaries director of integration Barbara Ingraham has said that due to high interest rates and an uncertain economic landscape, the “math” behind mergers and acquisitions is most likely undergoing a change. Despite this, Ingraham told Insurance Business in a recent interview that M&A logic remains intact and are deal sprees are set to continue.