CFO: Brown & Brown Acquires Florida Agency, Still in Buying Mode

Brown & Brown Inc., which has made a series of acquisitions this year, will continue to search for attractive opportunities in the new year, Chief Financial Officer Cory T. Walker said.

"We're always talking to people all over the country all the time," said Walker.

In its latest acquisition, Brown & Brown'sFlorida subsidiary acquired most assets of Comcover Insurance Group Inc., for an undisclosed amount, bringing to about 25 the number of acquisitions the broker has completed this year, Walker said.

Comcover, based in Dania, Fla., provides property/casualty and risk-management products and services to middle-market businesses, including wholesalers and distributors, manufacturers, the trucking industry and the building-materials industry. The company has annualized revenue of approximately $1.6 million. Comcover President Anthony L. Johnson and his staff will join Brown & Brown of Florida.

Walker said Brown & Brown is happy to have Johnson and his team.

"He's got a nice book of business in South Florida," Walker said. "I think he can focus much more on sales."

The deal is expected to close in January. Earlier this month, Brown & Brown acquired Ruland & Mattingley Insurance Services Inc., a Laguna Hills, Calif., provider of employee-benefits products and services (BestWire, Dec. 6, 2010). Prior to that, the company acquired Indianapolis-based Mavum Consulting LLC and Mavum Risk Management LLC. In October, the company acquired T.R. Jones & Co., a privately held, independent insurance agency, and purchased most assets of Martin Benefits Consulting LLC and Martin Human Resources LLC (BestWire, Oct. 11, 2010).

Earlier this year, Brown & Brown Chief Acquisitions Officer and Regional President Thomas E. Riley said the company planned to return to its fast-paced growth through acquisitions after a slow 2009 (BestWire, March 30, 2010).

Brown & Brown is ranked eighth in Best's Review's ranking of top global brokers for 2009, based on total brokerage revenue of $967.9 million. The company and its subsidiaries offer insurance and reinsurance products and services, along with risk management, third-party administration, managed health care, and Medicare set-aside services and programs.

In late afternoon trading on Dec. 28, shares of Brown & Brown (NYSE: BRO) were trading at $24.03, down 0.54% from the previous close.

(By Diana Rosenberg, senior associate editor, BestWeek)