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This year's early surge of merger and acquisition activity continued to gain steam this week as two major brokerages announced new acquisitions.
On Thursday, Daytona, Fla.-based -Brown & Brown, Inc. announced that one of its wholly owned subsidiaries has acquired substantially all of the assets of O'Fallon, Mo.-based Independent Pharmaceutical Consultants, Inc.
IPC, which was founded in 1991, has annual revenues of approximately $1.8 million, according to Brown & Brown. IPC provides pharmaceutical benefits management consulting and compliance services to clients throughout the county, said Brown & Brown in a statement announcing the acquisition. “As part of this transaction, IPC's operations will join with Evergreen Rx, a division of Brown & Brown's Evergreen Re profit center, to form a new combined specialty pharmacy benefit consulting department,” said Brown & Brown in the statement.
Also last week, Itasca, Ill.-based Arthur J. Gallagher & Co. announced that it had acquired Riley & Associates Inc. of Mt. Pleasant, S.C.
Riley & Associates,, established in 1936, is a retail brokerage providing property/casualty insurance and risk management services to clients largely in the southeastern United States. Riley & Associates specialize in insurance for the hospitality, moving and storage, transportation and marine industries
. Terms of the transaction were not disclosed.