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Brown & Brown acquires agency

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Brown & Brown Insurance Agency of Virginia Inc., a subsidiary of Brown & Brown Inc., said Thursday it has acquired most of the assets of Kerxton Insurance Agency Inc. and its division, Fitness Underwriters Inc.

Terms of the deal were not disclosed.

Founded in 1964, Gainesville, Virginia-based Kerxton Insurance has annual revenues of about $5 million, the two companies said in a statement. Brown & Brown Inc. is based in Daytona Beach, Florida.

The firm offers personal and business insurance to clients in the mid-Atlantic and throughout the United States, including insurance for health and fitness clubs under the Fitness Underwriters brand.

Following the acquisition, Kerxton Insurance will re-locate to Brown & Brown’s existing Manassas, Virginia, office and operate under Bill Strachan, president of Brown & Brown Insurance Agency of Virginia, Inc.

Brown & Brown Inc. is the sixth largest broker of U.S. business, according to Business Insurance’s latest ranking.