Brown & Brown Buys Chapman Simmons
NU Online News Service, July 12 3:59 p.m. EDT?Brown & Brown Inc. brokerage said it has purchased Chapman Simmons Agency Inc., and Professional Surety Service Inc., of Houston, Texas.[@@]
Transaction terms were not released.
Chapman Simmons Agency and Professional Surety Services, which also does business as St. James General Agency, are retail and wholesale agencies with combined annualized revenues of approximately $1.3 million. They provide bonding and surety services to small, midsize and large contractors in Texas and throughout the United States.
The operations will be combined with Brown & Brown's existing Houston office under the leadership of Michael A. Garguilo, president and chief operating officer of Brown & Brown Insurance Services of Texas, B&B said.
Roy E. Simmons and Scott D. Chapman, the principals of the acquired agency, will join Brown & Brown Insurance Services of Texas as senior vice presidents leading the new bond department.
Charles H. Lydecker, regional executive vice president of Brown & Brown, said with Mr. Simmons and Mr. Chapman joining the firm, the company is looking forward to expanding its bond and construction insurance business in the state.
Brown & Brown is based in Daytona Beach, Fla.
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