Brown & Brown makes two acquisitions

by Gill Montia

Story link: Brown & Brown makes two acquisitions

Florida-based broker, Brown & Brown, has made two acquisitions within six days.

The firm’s purchase of Advanced Insurance Concepts follows last week’s acquisition of Reed Brothers Insurance Group.

Advanced Insurance Concepts specialises in individual and group employee benefit insurance products and services.

The company operates as a general agent on behalf of brokers in Delaware, New Jersey and Pennsylvania.

Following completion of the transaction, the business will be merged with Brown & Brown Consulting, in Philadelphia.

Reed Brothers specialises in property and casualty and group employee benefits insurance products.

The firm has clients across the US, mainly in the recreational vehicle and power sport dealership sectors, plus the manufactured housing industry.

The new owners will retain the Reed Brothers name and allow the business to operate as a free standing entity.

Both Advanced Insurance Concepts and Reed Brothers have annual revenues in the region of $2 million.

Brown & Brown is currently ranked as the seventh-largest independent insurance intermediary in the US and the ninth-largest in the world.