Brown & Brown revealed it spent more than $101 million for 11 acquisitions made during the first half of this year, and announced the acquisition of Monarch Management Corporation, adding it to the list.
The Daytona Beach, Fla., insurance brokerage firm said in a Securities & Exchange Filing that of the $101 million, $87 million was in cash payments and $11 million was the assumption of debt. The broker said it issued $3.5 million in notes related to the acquisitions.
The bulk of the payments went to its Jan. 1 acquisition of Axiom Intermediaries, LLC., a reinsurance brokerage firm headquartered in Stoney Creek, N.C. The firm paid $60.3 million in cash for the firm and assumed slightly more than $10 million in debt.
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