Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. announced it signed an agreement to acquire the small business insurance unit of Conner Strong Companies Inc. based in Cherry Hill, N.J. Financial terms were not released.
The small business insurance unit, with annualized revenues of approximately $9.3 million, provides commercial insurance and employee benefits to small businesses, Brown & Brown said.
A closing is expected in January. As part of the transaction, Joseph P. Morrissey Jr., a principal, will join Brown & Brown as leader of the acquired commercial lines operations. Additionally, Brown & Brown will have two new mid-Atlantic locations as a result of the transaction.
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