Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. said its subsidiary, Brown & Brown of South Carolina Inc. has acquired Charleston, S.C.-based insurance broker Commonwealth Insurance Group, LLC. Financial terms of the transaction were not released.
Founded in 1996 by Todd R. Tyler, Commonwealth Insurance Group, with annual revenues of about $2.6 million, provides commercial property and casualty, group employee benefits, and workplace safety and wellness products and services to businesses and organizations in South Carolina and throughout the United States.
The agency's proprietary risk and benefit management process, RECON 365, helps clients assess their current situation and evaluating future needs.
Todd R. Tyler, Matthew M. Moore and Christopher C. Cook, principals of Commonwealth Insurance and staff will remain in their current office. Brown & Brown of South Carolina will move into and combine with Commonwealth Insurance's existing office in North Charleston under the leadership of Mr. Tyler, the company said.
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