B&B Buys Six Agencies
NU Online News Service, May 2, 2:41 p.m. EST?Daytona Beach, Fla.- based insurance broker Brown & Brown announced the acquisition of five insurance agencies in Southern states and one in Washington state.
No terms for the deals were revealed.
In Seattle, the firm acquired Mottner & Company Inc., a commercial insurance agency with annualized revenues of $600,000. It specializes in employee benefit programs. The agency will be combined with an existing Brown & Brown office.
The Arkansas and Oklahoma subsidiary of the firm announced the acquisition of Rhodes & Associates Inc., RAI Inc., and RAI of Oklahoma. All three are headquartered in Little Rock, Ark., and headed by Martin M. Rhodes, president.
The three companies have combined annualized revenues of $2.7 million. Rhodes & Associates is a multiline insurance agency. RAI and RAI of Oklahoma are managing general agencies providing coverage through standard carriers for agents in their respective states. The agencies will remain at their current locations, Brown & Brown said.
The broker also announced acquisitions in Florida and Louisiana, with the acquisition of Pilkington Insurance Agency Inc. in Largo, Fla., and Louisiana Agencies Inc. in Baton Rouge, La.
Pilkington Insurance is a commercial property?casualty agency with $500,000 in annualized revenues. The agency's operations will be combined with an existing Brown & Brown office in St. Petersburg, Fla.
Louisiana Agencies specializes in surety-bonds and commercial property p-c insurance, and reports annualized revenues of $750,000. The agency will eventually be combined with Brown & Brown's existing Baton Rouge operation, Bynum, Grace & Joffrion.
Brown & Brown said all of the transactions were effective yesterday.
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