Brown & Brown Announces Asset Acquisition Of Calif.-based MFC&V Ins Services

Kenneth D. Kirk, regional executive vice president of Brown & Brown Inc.; Robert Montgomery, CEO, and Susan Rodriguez, president of MFC&V Insurance Services Inc., with offices in Santa Barbara, Lompoc and Camarillo, Calif., announced the signing of a definitive agreement for Brown & Brown,Inc. to acquire the assets of MFC&V Insurance Services, A California Corporation. Finalization of the transaction is subject to completion of Brown & Brown’s due diligence review and other customary conditions. It is anticipated that the closing will be effective Jan. 1, 2003.

MFC&V insurance Services, with annual revenues of approximately $12 million, has been serving the insurance needs of California residents and businesses since 1935. The entire management team and staff of this highly regarded, multi-faceted, commercial property and casualty, life and group health benefits insurance agency will be joining Brown & Brown. They will continue to serve clients from their current locations as freestanding Brown & Brown operations.

Ken Kirk, who is responsible for Brown & Brown’s operations in the Western U.S., noted, “We are very pleased to have this fine team of insurance professionals join our family. MFC&V offers us increased capacity and service capabilities for our clients, as well as increased growth opportunities. The addition of MFC&V brings Brown & Brown’s total number of retail operations in California to six, with offices in eight cities and combined annual revenues in excess of $50 million.”

Topics Mergers & Acquisitions California