Brown & Brown Insurance of Nevada Inc., a subsidiary of Brown & Brown Inc., acquired select assets of Insurcorp and Maalouf Benefit Resources, which recently combined under the name Insurcorp.
Insurcorp provides employee benefits and consulting services to clients, in addition to property- and casualty-related insurance products. The Las Vegas-based company has annual revenue of about $5 million, according to a statement.
Brown & Brown, headquartered in Tampa and Daytona Beach, Fla., provides insurance and reinsurance products and related services.
Financial terms of the deal weren't disclosed.
"This merger takes our company to an entirely new level, one that we believe will create the most powerful all-line insurance brokerage in the state," Insurcorp President and CEO Brian Cruden said.
Insurcorp's operations will be combined with Brown & Brown Insurance of Nevada, which is also based in Las Vegas, under Cruden's leadership, the company said.
C. Roy Bridges, who leads Brown & Brown'sNevada retail operations, said adding Insurcorp transforms the company into "one of the largest employee benefit consultancies in Nevada."
Brown & Brown's acquisition of Insurcorp was its second deal in a week. The company also acquired some of the assets of Richard W. Endlar Insurance Agency Inc. for an undisclosed price.
The agency, headquartered in Dedham, Mass., specializes in providing property and casualty insurance products to condominium associations throughout New England and has annual revenue of $4.6 million.
Brown & Brown last month reported first-quarter net income of $49.4 million, or 34 cents a share, compared with $46.3 million, or 32 cents a share, a year earlier.
First-quarter revenue rose 15.3 percent to $302.5 million from $262.3 million.