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.
Yesterday, Brown & Brown announced its acquisition of Topeka, Kan.-based Monarch Management Corporation.
Brown & Brown said Monarch Management, with annualized revenues of about $1 million, is engaged in the agency and program management business for insurance programs developed for children, youth and students. The specialized programs include student accident, athletic, student health, special risk, catastrophic accident and children's health insurance plans offered throughout the United States.
John Dietrick, chief executive officer and general counsel; Mark Nordstrom, president; and the current staff of Monarch will continue to operate under its current name and location as a freestanding Brown & Brown profit center.
Jim W. Henderson, president and chief operating officer for Brown & Brown, said in a statement that the acquisition would bring new talent and expertise in a new insurance area for the firm. He added that Monarch Management would strongly complement the sports and entertainment business in its American Specialty subsidiary.
"They are a welcome addition as we continue growing our presence throughout the insurance industry marketplace," Mr. Henderson said.
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