Brown & Brown said it has entered into an agreement to acquire Sterling Heights, Mich.-based insurance brokerage ALCOS Inc. Terms of the deal were not released.
B&B said ALCOS, with annualized revenues of approximately $18 million, provides commercial and personal lines insurance services to clients in Michigan and surrounding states.
The ALCOS firm also focuses on employee benefits, commercial and personal lines insurance, life insurance, and employee benefits administration.
John Marshall, Gene LoVasco and John LoVasco, the current and founding shareholders, and their staff will continue to operate from their existing locations in Sterling Heights and Ann Arbor, Mich., under the ALCOS name, as freestanding Brown & Brown operations.
Gene LoVasco, president of ALCOS, said the change will allow the firm to continue to provide the best products and services to its clients and give its employees increased opportunities for growth.
J. Scott Penny, regional executive vice president of Brown & Brown, called the planned acquisition a major milestone to strengthen the firm's presence in Michigan and the Midwest, especially in the area of employee benefits.
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