Brown & Brown Inc. announced that its subsidiary Brown & Brown Insurance Agency of Virginia Inc. has acquired certain assets of Ocean Marine Insurance Agency Inc., Ocean Marine Insurance Agency of Massachusetts Inc. and Ocean Marine Underwriters Agency Inc. (collectively called “Ocean Marine”) Terms of the transaction were not disclosed.
With roots dating back to 1984, Ocean Marine has annual revenues of approximately $2.0 million. The firm specializes in maritime insurance products, including insurance for commercial fishing vessels, commercial vessels, professional “six-pack” charters, passenger vessels, marinas, yachts and pleasure crafts, and marine artisans.
Following the transaction, the Ocean Marine team will remain in its current Warwick, Rhode Island, and Fairhaven, Massachusetts, locations and will operate as a branch office of Brown & Brown’s “Flagship Group” maritime operations in Norfolk, Virginia.
Headquartered in Daytona Beach and Tampa, Florida, Brown & Brown Inc., through its subsidiaries, offers a broad range of insurance products and related services for business, public entity, individual, trade and professional association clients nationwide. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration and other services.
Topics Mergers & Acquisitions
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