Brown & Brown Acquires Two Wash. Agencies
NU Online News Service, Sept. 4, 3:43 p.m. EDT–Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. announced the acquisition of three insurance agencies in Washington state.
The firms are Canfield and Associates Inc. and Canfield Insurance Services Inc., both in Ephrata, Wash., and Washington Insurance Services Inc. in Woodinville, Wash. Both acquisitions were made by Program Management Services Inc., a subsidiary of Brown & Brown.
Terms of the transactions were not revealed.
Together, Canfield and Associates Inc. and Canfield Insurance Services Inc. report annualized revenues of approximately $4.4 million. The agencies provide third party administration, risk management consulting and related services to governmental and quasi-governmental bodies throughout the state of Washington.
Dave A. Canfield, president of the acquired firms, and his staff, will continue to operate at their current location as a stand-alone operation of PMSI.
Washington Insurance Services, with reported revenues of approximately $2.2 million, provides underwriting and insurance brokerage services to governmental and quasi-governmental bodies, as well as commercial clients, throughout Washington and other western states.
Randal D. Storm, president of the agency, and his staff, will continue to operate at their current location.
Brown said that this transaction represents the initial expansion of its PMSI subsidiary, which serves the insurance needs of the governmental sector countrywide, into the Northwestern U.S.
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