NU Online News Service, Feb. 2, 11:03 a.m. EST
Brown & Brown insurance brokerage said it has acquired the property and casualty business assets of Insurance Exchange Inc. of Albuquerque, N.M. Financial terms were not released.
The acquired assets, with annual revenues of approximately $2 million, comprise the selling entity's "Insurance Exchange" division, which has served the commercial and personal lines property and casualty insurance needs of clients throughout New Mexico since 1975, said Daytona Beach, Fla.-based Brown & Brown.
According to Insurance Exchange's Web site, the company has six offices throughout the state.
The Insurance Exchange acquisition will be combined with Brown & Brown's existing Albuquerque profit center under the leadership of Scott Jones, the company said.
Insurance Exchange's INEX division, an online insurance exchange for agents, was not part of this transaction and will continue to operate from its existing Albuquerque location.
Kenneth D. Kirk, regional president of Brown & Brown Inc.'s New Mexico retail operations, said in a statement, "We are fortunate to have Insurance Exchange's team join us as we continue to grow our footprint in New Mexico."
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