Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. said its wholesale subsidiary Hull & Company Inc. has acquired two excess and surplus lines firms from a New Jersey broker.
The firms being acquired are Market Solution Managers Inc. of New York and Princeton Risk Managers Inc. of Princeton, N.J. Both are E&S subsidiaries of Short Hills, N.J.-based broker Bollinger Inc. Terms of the deal were not released.
Market Solution Managers and Princeton Risk Managers have combined annualized net revenues of approximately $1.6 million. The two serve the E&S insurance needs of agents located primarily in the northeastern United States.
The New York City office will remain at its current location while the Princeton office will be combined with Hull's existing Florham Park, N.J. office.
The two locations will be under the leadership of Jon Bannett, who heads Hull's Florham Park office.
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