Brown & Brown, USI, Hylant Announce Acquisitions

NU Online News Service, Jan. 17, 9:57 a.m. EST

Two major East Coast insurance brokers said they have acquired West Coast insurance brokerage firms while an Ohio-based firm expects to expand in Cincinnati with its deal.

Briarcliff Manor, N.Y.-based USI Holdings Corp. said it acquired the commercial marine business operation from Venbrook Group, LLC, a Los Angeles-based property and casualty company.

The acquired business will be combined with USI's existing marine industry practice group in its Seattle office. USI said it expects that the acquired business will contribute approximately $1 million in revenue to USI on an annual basis.

Daytona Beach, Fla.-based Brown & Brown said its subsidiary, Fullerton & Co. Inc., has acquired Nies Insurance Agency Inc. of Camas, Wash.

With annual revenues of about $2.7 million, Nies Insurance Agency has served the personal, commercial and employee benefits insurance needs of clients in the greater Portland Oregon/Vancouver, Washington area for 39 years.

Gerald L. “Jerry” Nies, president of Nies Insurance, and his team will continue to serve their clients from their Camas and Battle Ground, Wash., locations under the leadership of Tim Nielsen, vice president of Fullerton & Co.

Brown & Brown said the transaction does not include the joint venture between Nies Insurance Agency and iQ Credit Union, which will continue to operate separately.

Also, Toledo, Ohio-based Hylant Group said it is merging with Swartzel Affiliated Insurance Agency of Dayton, Ohio.

Swartzel is a p&c insurance agency founded in 1932. On its website, the agency said it specializes in the placement and management of business insurance portfolios for municipal risks and public entities.

Hylant, founded in 1935, is a full-service insurance brokerage firm with 12 offices in Ohio, Michigan, Illinois, Indiana and Tennessee. The firm employs more than 600 associates and is a member of the Worldwide Broker Network.

Hylant said the merger would provide Swartzel's clients with additional tools and resources Hylant offers through its industry specialty practice groups. Hylant's clients would benefit from Swartzel's strong reputation in the greater Cincinnati and Dayton regions.

Financial terms of all of the transactions were not disclosed.