Brown & Brown Acquires Two Wholesalers
NU Online News Service, Jan. 14, 3 :24 a.m. EST?Brown & Brown Inc. said it has acquired two wholesale brokers, one in the Midwest and the second in Florida. No terms were announced.[@@]
In the Midwest, Brown & Brown said it has acquired Oak Brook, Ill.-based wholesale insurance broker ECC Insurance Brokers, LLC.
Brown & Brown, based in Daytona Beach, Fla., said ECC provides a select group of independent Midwestern insurance agents with products for their specialty and unique hard-to-place risks. The firm produces combined annualized revenues of approximately $3.9 million.
Dan Real, president of EEC, will continue to run this new stand-alone wholesale operation, which will continue to operate under its current name from its current location.
Hyatt Brown, Brown & Brown's chairman and chief executive officer, said this is the firm's initial "move into the brokerage side of the industry in America's Heartland. We are excited at the energy and expanded opportunities [EEC] brings to our organization."
In Florida, Brown & Brown purchased Braishfield Associates Inc., based in Orlando, Fla.
The firm reports annualized revenues of approximately $5 million and operates principally as a wholesale broker for insurance programs serving a broad array of commercial clients.
The existing management and staff will become a new freestanding Brown & Brown profit center, operating under the Braishfield name.
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