Brown & Brown acquires California real estate E&O specialist

Brown & Brown Inc. on Friday said its California division has acquired substantially all the assets of insurance brokerage Austin & Austin Insurance Services Inc.

Terms of the deal were not disclosed.

Pleasanton, California-based Austin & Austin specializes in providing errors and omissions coverage for real estate professionals in the San Francisco Bay Area and posts annual revenue of around $2 million, Brown & Brown said in a statement.

Founder John Austin and his team will relocate to the Lafayette, California, office of Brown & Brown Insurance Services of California Inc. and operate under the leadership of Matt Sitzmann, executive vice president for the office.

John Esposito, Brown & Brown senior vice president and regional retail president, will be responsible for the combined operations, according to the statement.

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