Brown & Brown buys N.Y. broker Sobel

DAYTONA BEACH, Fla.--Insurance broker Brown & Brown Inc. has acquired broker Sobel Affiliates Inc. of Garden City, N.Y.

Sobel generates about $12.1 million of revenue annually, according to Daytona Beach, Fla.-based Brown & Brown. Among Sobel's specialties are apparel, food industry, medical malpractice, pharmaceutical and real estate risks.

As a result of the transaction, Sobel will be a freestanding unit of Brown & Brown and will continue to operate out of its office in Garden City, N.Y. Sobel President Alan Labadorf will continue to head the operation.

Financial terms of the transaction were not disclosed.