Florida- based Brown & Brown, Inc. said it it has agreed to acquire the small business insurance unit of Conner Strong Companies, Inc., which is headquartered in Cherry Hill, New Jersey.
The small business insurance unit has annualized revenues of approximately $9.3 million from commercial insurance and employee benefits. The agency has locations in New Jersey, Pennsylvania and Delaware.
The deal is expected to close in January of 2009.
As part of the transaction, Joseph P. Morrissey, Jr., who is executive vice president, Select Commercial for Conner Storng, will join Brown & Brown as leader of the acquired commercial lines operations. Additionally, Brown & Brown will have two new mid-Atlantic locations as a result of the transaction.
Source: Brown & Brown, Inc.
www.bbinsurance.com.
Topics Mergers & Acquisitions Commercial Lines Business Insurance
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