Brown & Brown Inc. signed a letter of intent with Raleigh, Schwarz & Powell Inc. and Golden State Holdings Inc. to acquire the two related agencies. Located respectively in Tacoma, Wash., and San Rafael, Calif., the firms represent approximately $20 million in combined annualized revenues. According to Brown & Brown, finalization of the transaction is subject to completion of a full due diligence review and other standard conditions. The closing is expected to take place on Aug. 31, 2001. Brown & Brown Inc. provides a broad range of insurance products and services, as well as risk management, employee benefit administration, and managed healthcare services through offices across the U.S.
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