NU Online News Service, Feb. 3, 2004, 1:47 p.m. EST – Brown & Brown Inc., Daytona Beach, Fla., has acquired the assets of Blumberg Associates Inc., West Hartford, Conn.[@@]
The price and other financial terms were not immediately available.
Blumberg, founded by Arthur Blumberg, is a retail insurance agency that has been generating about $2 million in annual revenue. It sells employee benefits as well as commercial property-casualty insurance.
Brown & Brown will be hiring Arthur Blumberg, but it will be combining the operations of the agency with those of a Brown & Brown office in Newington, Conn.
Brown & Brown is following a strategy of growing rapidly through the acquisition of existing insurance agencies and financial advisory firms.