Brown & Brown buys Virginia brokerage

Brown & Brown Insurance Agency of Virginia Inc., a subsidiary of Brown & Brown Inc., has acquired Lambert, Riddle, Schimmel & Co.

Terms of the deal were not disclosed.

Based in Fairfax, Virginia, LRS&C provides personal and business insurance products and services to clients in the Mid-Atlantic region and has annualized revenue of approximately $1.6 million, Brown & Brown said Wednesday in a statement.

Following the acquisition, the LRS&C team, including shareholders Jim Riddle and Tom Schimmel, will join Brown & Brown’s existing Manassas, Virginia, office under the leadership of Bill Strachan, president of Brown & Brown Insurance Agency of Virginia, the statement said.

“After 102 years in business, finding the right company to team up with is not an easy decision,” Mr. Riddle and Mr. Schimmel said in the statement. “We are very pleased to have found a company like Brown & Brown who will continue with our utmost dedication to our clients.”

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