Brown & Brown Inc. announced Monday that it has agreed to acquire substantially all of the operating assets of Morstan General Agency Inc. and related companies based in Manhasset, New York.
The transaction is expected to close in June 2016, subject to customary closing conditions. The terms of the deal were not disclosed.
In operation since 1964, Morstan is a wholesale MGA/MGU offering a wide range of products in commercial lines, personal lines, employee benefits and life insurance products.
The wholesale agency operates from its Manhasset headquarters, with additional offices in New York City, New Jersey and Florida. Morstan had total approximate annual revenues in 2015 of $34 million.
Morstan will continue to operate under the current Morstan name from its headquarters in Manhasset, making it the 15th distinct brand in the Brown & Brown Wholesale Division. It will be guided by the sales and underwriting leadership of Morstan shareholders Jay Levy and Howie Levy and will report to Kathy Colangelo, senior vice president of the Brown & Brown Wholesale Division.
Headquartered in Daytona Beach, Florida, Brown & Brown, 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.
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