Brown & Brown (NYSE:BRO) of Daytona Beach and Tampa, Fla. has announced it has acquired the Ocala, Fla. Branch office of the Florida subsidiary of USI Holdings Corp. (NASDAQ:USIH).
The acquisition was jointly announced by C. Roy Bridges, Brown & Brown Inc. regional executive vice president and Robert S. Schneider, USI Holdings Corp. chief financial officer.
The Ocala branch office of USI Holdings Corporation, with annualized revenues of approximately $1.5 million, is a mid-market retail commercial property and casualty insurance agency operation. Michael Powell and the Ocala USI office staff will be combining with Brown & Brown’s existing Ocala operation, under the direction of Brown & Brown’s profit center manager D. Craig Curry. Mike Powell of USI will become the sales manager for the combined operation.
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, third-party administration, and managed health care programs.
Topics Mergers & Acquisitions
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