NU Online News Service, March 3, 12:00 p.m.EST

If there were any questions about what happened to some formerexecutives at Brown & Brown that appeared to abruptly leave thecompany, those questions were answered this week by the privateequity firm GTCR.

Earlier this week, Chicago-based GTCR said it was investing $250million in a plan to build a new insurance brokerage companythrough acquisition and partnering with two former executives fromBrown & Brown, which is based in Daytona Beach, Fla.

GTCR announced that two former Brown & Brown executives, JimHenderson, who was vice chairman and chief operating officer ofBrown & Brown, and Tom Riley, formerly regional president andchief acquisition officer for the firm, would form AssuredAgencies.

The new firm, to be headquartered in Lake Mary, Fla., will focuson building a “leading middle market insurance brokerage firm,”according to GTCR press release.

The agency's aim will be to acquire and invest in property andcasualty and employee benefits brokerage businesses across theUnited States, GTCR said.

“We believe this is an attractive time to invest in theinsurance brokerage industry,” said Mr. Henderson in a statement.“The middle market insurance brokerage marketplace providessignificant opportunity for consolidation. There are a large numberof agencies looking to take their business to the next level.”

Mr. Riley left Brown & Brown earlier this year in what turned out tobe a management shake-up at the firm.

Mr. Henderson retired from the firm in August of 2010.