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Brown & Brown Inc. on Tuesday said a subsidiary of Hull & Co. L.L.C., which Brown & Brown purchased in 2005, has acquired the commercial managing general agent operations of The Insurance House Inc.
Terms of the deal were not disclosed.
Insurance House was established in 1964 as a managing general agent and wholesale insurance broker offering commercial and personal lines insurance products to its retail broker partners.
The commercial wholesale brokerage operations are located in Atlanta and Silver Spring, Maryland, with total annual revenues in 2016 of about $3 million, Brown & Brown said in a statement.
The acquired operations will continue to operate in Atlanta and Silver Spring as part of Daytona Beach, Florida-based Brown & Brown wholesale division and report to Kathy Colangelo, the division’s senior vice president, according to the statement.
Jacque Schaendorf, Insurance House’s president and CEO, said in a statement that the company “made the strategic decision to focus our resources on our specialty personal lines business and on our technology business affiliate.”
Brown & Brown is the world’s seventh-largest insurance broker, according to Business Insurance’s latest ranking.
Brown & Brown Inc. reported second-quarter revenue of $446.5 million, up 6.5%, from the year-ago period, despite continued pressure on rates.