NU Online News Service, April 13, 1:23 p.m. EDT
Daytona Beach, Fla.-based insurance brokerage Brown & Brown said it has acquired W. R. Reed & Co. of Portland, Ore. Financial terms were not released.
Brown & Brown said W. R. Reed has annualized revenues of approximately $1.5 million and provides property-casualty, life, health, and other insurance products and services to individuals and businesses in Portland and throughout the United States. The firm was founded by William R. Reed Sr. in 1957.
Michael Fohl, Christopher Foster, the shareholders of W. R. Reed, and their staff will combine their operations with those of Brown & Brown's existing Portland office, under the leadership of Tim Nielsen.
Kenneth D. Kirk, regional president of Brown & Brown, in welcoming the W. R. Reed agency to Brown & Brown said in a statement that the deal marks the third acquisition in Portland and the broker looks forward to building throughout the state.
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