Brown & Brown Inc. will acquire New Jersey-based Excel Underwriters Alliance Inc. and Spirit Underwriters Inc., the Florid-based brokerage announced.
Terms of the transaction were not disclosed.
Excel and Spirit offer professional liability, directors and officers (D&O) liability, employment practices liability, managed care/medical malpractice liability, crime, and related liability insurance products and services, primarily to insurance providers and agents. They have combined annual revenues of approximately $1.3 million.
Excel provides open brokerage insurance solutions, while Spirit Underwriters is a managing general underwriter, offering products and services on both a direct and brokerage basis.
The acquired entities will continue to operate under the Excel and Spirit Underwriters brands, as divisions of Brown & Brown’s Mount Laurel, New Jersey-profit center.
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Source: Brown & Brown
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