Two subsidiaries of Daytona Beach, Fla.-based insurance broker Brown & Brown announced acquisitions totaling more than $20 million in annualized revenues.
Brown & Brown's wholesale subsidiary, Ft. Lauderdale, Fla.-based Hull & Company, said it acquired Hatboro, Pa.-based Delaware Valley Underwriting Agency Inc. (DVUA) and its subsidiary, Residential Underwriting Agency Inc.
Founded in 1947, DVUA is a wholesale broker doing business in Pennsylvania, Massachusetts, New Jersey, West Virginia, and North and South Carolina. Revenues from the acquired firms stands at $15 million, Hull said. Both will continue to operate under their current names as divisions of Hull & Company.
Richard Hull, chief executive officer of Hull, said with the acquisition the wholesaler now has over 650 employees and annual premium volume approaching $1 billion.
Brown & Brown subsidiary Public Risk Underwriters (PRU), based in Lake Mary, Fla., said it has acquired Glen Allen, Va.-based Apex Insurance Agency Inc. and its subsidiaries, Apex Insurance Services of Illinois Inc. and Summit Risk Services Inc.
Apex provides wholesale insurance agency brokerage, managing general agency and program administration services to public and quasi-public entities throughout the United States. Summit Risk Services provides claims adjusting services for Apex business.
Apex President Karl F. Snearer and his company's management and staff will continue to operate from their current locations.
PRU, which specializes in serving public and quasi-public entities nationwide with a broad range of insurance and reinsurance services, said the aggregate annualized revenues of Apex comes to $5.7 million.
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