Brown & Brown to Buy JPMorgan Insurance Agency
On Monday, Brown & Brown, Inc. announced the purchase of the property and casualty insurance brokerage business of JPMorgan Insurance Agency, Inc., located in Newark, Delaware, by a subsidiary of Brown & Brown, Inc.
The acquired business, with annualized revenues of approximately $4.0 million, consists primarily of high-end clientele personal lines property and casualty business. The agency specializes in responding to the needs of clients who require high value coverage for a broad range of residential and specialized, unique, property such as works of art, collectibles and jewelry. The management and staff of the acquired business will continue to operate in Newark, Delaware, as a new Brown & Brown profit center under the name Brown & Brown Private Client Group.
Thomas E. Riley, Regional President of Brown & Brown, Inc., noted, "We are pleased with the new opportunities this purchase presents. We are particularly excited about the new expertise this fine team brings to our ever-expanding presence in the northeast."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, third party administration, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the company is ranked by Business Insurance magazine as the sixth largest independent insurance intermediary in the United States and worldwide.
Published on October 2, 2007
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