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AssuredPartners Inc. has acquired Murray Insurance Associates Inc. of Lancaster, Pennsylvania, AssuredPartners said in a statement Friday.
Terms of the transaction were not disclosed.
Murray’s 170 employees will remain with the broker with Richard Rankin as chairman, president and CEO.
Murray currently reports $31 million in annualized revenues, the statement said. The broker is the 97th-largest brokerage of U.S. business, according to Business Insurance’s most recent ranking. About 53% of its revenue is from property/casualty business, about 16% from employee benefits, 6% personal lines and 12% services.
Lake Mary, Florida-based AssuredPartners is the 12th-largest broker of U.S. business, with about $1.4 billion in annual brokerage revenue, according to Business Insurance’s latest ranking.
AssuredPartners Inc. has acquired People’s United Insurance Agency for $120 million cash, Lake Mary, Florida-based AssuredPartners said in a statement Thursday.