Swett & Crawford, an independent wholesale broker, has completed the purchase of Georgia-based Southern Hospitality Underwriters (SHU) for an undisclosed amount.
The acquisition, which closed on 31 January 2013, compliments the company's growing portfolio of underwriting businesses and demonstrates its commitment to expand underwriting offering to its retail agents.
SHU president and founder Brad Brown will join Swett & Crawford as the program's sales leader.
Swett & Crawford president and CEO Neal Abernathy said SHU is a classic example to the company's acquisition strategy, which seeks purchase of companies having a complementary expertise and book of business that is a natural fit.
''While their current reach is primarily in the Southeast, we see the potential for a broader geographic rollout, especially given the large number of limited service hospitality properties throughout the United States,'' Abernathy added.
Brown said, ''The acquisition of Southern Hospitality Underwriters by Swett & Crawford will enable us to bring added value in many ways to the base of brokers and hospitality/habitational companies we serve.''
SHU specializes in business insurance for the limited service hotel/motel space.
Swett & Crawford has specialty expertise in insurance fields including agriculture, energy, transportation, construction, professional liability, and entertainment.
