NU Online News Service, May 14, 10:52 a.m. EDT
Daytona Beach, Fla.-based insurance broker Brown & Brown said it has reached an agreement to acquire Irving Weber Associates Inc. of Ronkonkoma, N.Y. Financial terms were not disclosed.
Brown said Irving Weber specializes in insurance programs, primarily for the "fabricare" industry that is comprised of drycleaners, linen supply, uniform rental and commercial laundry operations. Irving Weber, with annualized revenues of approximately $4 million, also offers programs for other industries and has retail insurance agency operations. The firm was founded in 1946.
Adam Weber, president of Irving Weber, and his staff will continue to operate at their Long Island location under its current name.
Brown & Brown also announced that effective Nov. 1, its Lawyer's Protector Plan, LLP, will have a new carrier.
Navigators Insurance Company will become the new carrier for the plan replacing Greenwich Insurance Co., a member of XL Capital Group.
Brown & Brown said it and Rye Brook, N.Y.-based Navigators will combine their existing programs for law firms with one to 19 attorneys to create a national lawyers' professional liability insurance program.
The LLP began operations in 1983, and the two programs combined will provide professional liability insurance to more than 6,500 law firms in approximately 45 states and Washington D.C., Brown & Brown said.
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