Brown & Brown unit acquires Texas MGA

Daytona Beach, Florida-based Brown & Brown Inc. said Monday that one of its subsidiaries has acquired the assets of C & C Risk Services L.L.C., a Houston-area managing general agent.

Terms of the transaction were not disclosed.

C & C Risk Services, which provides excess public entity insurance coverage to municipalities, has annual revenues of about $1 million, Brown & Brown said in a statement.

Following the acquisition, C & C Risk Services will operate as part of Brown & Brown's wholesale brokerage division from its existing Texas and Florida locations, according to the statement. The firm was founded in 2013 by Craig Balco and Chris Fuller.

Brown & Brown is the world’s sixth-largest insurance brokerage, according to Business Insurance’s latest ranking.