NU Online News Service, March 19, 10:50 a.m. EDT
Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. said it has acquired two Voorhees, N.J.-based insurance agencies, Excel Underwriters Alliance, Inc. and Spirit Underwriters, Inc. Financial terms were not disclosed.
With combined annual revenues of about $1.3 million, Excel Underwriters Alliance and Spirit Underwriters offer professional liability, directors and officers liability, employment practices liability, managed care/medical malpractice liability, crime, and related liability insurance products and services, primarily to insurance providers and agents.
Excel Underwriters Alliance provides open brokerage insurance solutions, while Spirit Underwriters is a managing general underwriter offering products and services on both a direct and brokerage basis.
These firms also offer Excel Direct, a direct access insurance product for specialty agents and brokers with less than $1 million in revenues.
David C. Wash president of both firms, and his staff, will continue to operate under the Excel and Spirit Underwriters brands, as divisions of Brown & Brown's Mount Laurel, N.J. profit center, under the leadership of Joseph P. Morrissey Jr.
In a statement, Thomas E. Riley, regional president of Brown & Brown, said the transaction demonstrates the firm's desire to grow its presence in New Jersey and the greater Philadelphia region.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.