Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. announced it has made two agency acquisitions and will pay a quarterly dividend of 7 cents a share.
Brown & Brown said it acquired Smith-Peabody-Stiles Insurance Agency Inc. and Diversified Insurance Brokerage Group Inc. Terms of the deals were not released.
Brown & Brown said Smith-Peabody-Stiles has annualized revenues of approximately $5 million. The agency was founded in 1919 in Fenton, Mich., and has two offices today in Fenton and Brighton, Mich. The firm specializes in property and casualty, surety bonding, life, health and employee benefits.
James Peabody, president of Smith-Peabody-Stiles, and senior partners Jim Smith and Jeri Stiles as well as their staff will continue to serve their clients from their current locations as free-standing Brown & Brown operations.
Its second acquisition, Diversified Insurance of Indianapolis, has annualized revenues of approximately $1 million. It is a retail commercial insurance agency specializing in serving the employee benefits needs of clients in Indianapolis and throughout Indiana.
Kevin Mandrell and Bill Lantrip, the principals, will join Brown & Brown’s existing Indianapolis office.
The broker said its dividend payment of 7 cents a share on common stock will be paid on Feb. 20 to shareholders of record as of Feb. 6.