Barney & Barney LLC, a Southern California-based brokerage, has completed its merger with Saylor & Hill Co., based in Oakland. The brokerages had announced its intent to merge in January.
Barney & Barney said that both companies will retain their names, office locations, staffing and management, but the combined entity will now be called "B&B Company."
Additionally, Paul Hering, chief executive officer and managing principal of Barney & Barney, will be CEO and managing principal of the combined company.
The company will now generate $62 million in annual revenue and oversee more than 20,000 accounts representing more than $1 billion in annual premiums, according to Barney & Barney.
Barney & Barney said that an advantage of the merger is that B&B Company can expand its "geographic footprint and servicing capability in California" while remaining privately held.
Mr. Hering said in a statement: "Our merger with Saylor & Hill gives our clients the benefits of a larger broker while still maintaining the customer care of a private broker. Like Barney & Barney, Saylor & Hill is focused on superior customer service through remaining a privately held firm. We truly believe that this is a perfect fit for both companies and our clients."
Mike Mirsky, principal and managing director of Saylor & Hill, said, "Like Saylor & Hill, Barney & Barney is committed to remaining privately held; being privately held allows us to keep our clients at the forefront of what we do."
Barney & Barney was the 2006 winner of National Underwriter's "Commercial Insurance Agency of the Year" award.
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