NU Online News Service, Jan. 10, 1:11 p.m. EST

Daytona Beach, Fla.-based insurance broker Brown & Brown, Inc. completed its acquisition of the managing general agency Arrowhead General Insurance Agency, Inc.

Brown & Brown made the announcement late yesterday.

The transaction broke with the firm’s tradition of purchasing small insurance agencies, in the $1 million to $5 million range, as part of its growth strategy.

Brown & Brown says it will pay a total of $400 million for the managing general agency Arrowhead with an initial $395 million paid to Arrowhead’s private equity owners Spectrum Equity Investors. The remaining $5 million will be paid out over a five year period provided the firm achieves certain financial targets.

In other acquisition news, CBIZ, Inc. said yesterday that it has acquired Meridian Insurance Group, LLC, of Boca Raton, Fla.

The Cleveland-based financial services and consulting firm says the transaction was completed Jan. 1. Terms of the deal were not released.

Founded in 2004, and with offices in Boca Raton and Atlanta, Meridian is a Southeast regional insurance broker specializing in multiple insurance products and services including property and casualty insurance, bonding, personal lines and employee benefits. The firm has 22 employees and is expected to contribute approximately $4.4 million in revenue to CBIZ this year.

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