NU Online News Service, May 3, 2004, 5:29 p.m. EDT – Brown & Brown Inc., Daytona Beach, Fla., is acquiring 2 more insurance agencies.[@@]
One is Balcones-Southwest Inc., Austin, Texas, and the other is Powers Agency Inc., Clarkston, Mich.
Both agencies sell employee benefits as well as personal lines and commercial property-casualty insurance.
The terms of the deals were not immediately available, but Brown & Brown notes that it will be structuring the Powers Agency acquisition as an asset purchase.
Balcones-Southwest has been in business for more than 50 years and generates about $3 million in annual revenue. Brown & Brown is new to the Austin market, and it plans to keep the agency’s office and staff, Brown & Brown says.
Brown & Brown also will be keeping the Powers Agency’s office and its current staff. One of the executives who plans to stay is the agency’s president, James Powers.