NU Online News Service, Jan. 10, 1:11 p.m.EST

Daytona Beach, Fla.-based insurance broker Brown & Brown,Inc. completed its acquisition of the managing general agencyArrowhead General Insurance Agency, Inc.

Brown & Brown made the announcement late yesterday.

The transaction broke with the firm’s tradition of purchasing small insuranceagencies, in the $1 million to $5 million range, as part of itsgrowth strategy.

Brown & Brown says it will pay a total of $400 million forthe managing general agency Arrowhead with an initial $395 millionpaid to Arrowhead’s private equity owners Spectrum EquityInvestors. The remaining $5 million will be paid out over a fiveyear period provided the firm achieves certain financialtargets.

In other acquisition news, CBIZ, Inc. said yesterday that it hasacquired Meridian Insurance Group, LLC, of Boca Raton, Fla.

The Cleveland-based financial services and consulting firm saysthe transaction was completed Jan. 1. Terms of the deal were notreleased.

Founded in 2004, and with offices in Boca Raton and Atlanta,Meridian is a Southeast regional insurance broker specializing inmultiple insurance products and services including property andcasualty insurance, bonding, personal lines and employee benefits.The firm has 22 employees and is expected to contributeapproximately $4.4 million in revenue to CBIZ this year.