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Kansas, Tennessee insurance brokers merge

Kansas, Tennessee insurance brokers merge

Brokerages Virtus LLC in Overland Park, Kansas, and Kemmons Wilson Insurance Group LLC in Memphis, Tennessee, have merged, creating a company with about $20 million in revenue, the companies said in a statement Thursday.

Financial terms of the deal were not disclosed.

Virtus, which was founded in 2013, is headed by CEO Andrew Gray. It specializes in real estate, private equity, construction and restaurant insurance, the statement said.

Kemmons Wilson was formed in 1952 as an agency providing coverage to Holiday Inns hotels and has evolved to cover a range of industries.

“The partnership with KWIG supports our continued focus on specialization. We have a great responsibility to the legacy of the Kemmons Wilson family and a great opportunity to help the business thrive into the future,” Mr. Gray said in the statement.

The combined company will have more than 100 employees and place more than $250 million in annual premium, the statement said.