Brown & Brown To Buy Michigan Agency
NU Online News Service, April 26, 12:32 p.m. EDT?Brown & Brown Inc. insurance intermediary said it has signed an agreement to acquire Proctor Financial Insurance, of Troy Mich.[@@]
Terms of the deal were not released.
Founded in 1884, Proctor Financial Insurance, with annualized revenues of approximately $18 million, provides specialty insurance products, specifically lender-placed insurance products, to more than 1,500 financial institutions. The company serves clients across the country, including the U.S. government and small-to-midsized mortgage service companies.
Under the agreement, Thomas W. Proctor, chairman and president of Proctor, and the other principals and staff of the firm would continue to operate the business at its current location as a stand-alone operation.
Completion of the deal is subject to "due diligence review and other customary conditions," the Daytona Beach, Fla.-based Brown & Brown said.
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