Daytona Beach, Fla.-based insurance broker Brown & Brown said it has acquired insurance agency Preferred Insurance Services LLC of Phoenix. Financial terms were not released.
The newly purchased firm has annualized revenues of approximately $1.3 million and focuses on property-casualty and benefits insurance for individuals and businesses in Phoenix and throughout the United States, said Brown & Brown.
Gary F. Hapip, Craig S. King, Gary R. Honea, the principals of Preferred Insurance Services, and their staff will combine their agency operations with Brown & Brown's Phoenix office, headed by John Slater.
Brown & Brown also said it completed its acquisition of the small business insurance unit of Conner Strong Companies that it announced in November. The broker said the Conner Strong unit, based in Cherry Hill, N.J., has annualized revenues of $9.3 million and provides commercial insurance and employee benefits to small businesses.
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