NU Online News Service, Nov. 13, 10:15 a.m. – Brown & Brown Inc., Daytona Beach, Fla., has agreed to acquire MFC&V Insurance Services Inc., Santa Barbara, Calif., an insurance agency and brokerage with $12 million in annual revenue.
MFC&V, which was founded in 1935, sells life insurance and group health insurance as well as property-casualty insurance.
Brown & Brown is an insurance agency and brokerage that has announced many acquisitions in recent years.
The price and other terms of the acquisition were not disclosed, but Brown & Brown says it hopes to complete the deal Jan. 1, 2003, and keep MFC&V’s current managers, staff and offices. Completing the deal would give Brown & Brown a total of eight retail offices in California with $50 million in annual revenue, the company says.