Posted on 01 Apr 2011
Brown & Brown, Inc. announced on Thursday that it has entered into an agreement to acquire from First Tennessee Bank all of the outstanding stock of the parent company of First Horizon Insurance Group, Inc. First Tennessee Bank is a subsidiary of First Horizon National Corp.
The acquisition is expected to close in late April of this year.
With annualized revenues of about $14.8 million, First Horizon Insurance Group provides commercial and personal lines property and casualty insurance, bonds, employee benefits and risk management services to individuals and businesses in Tennessee and throughout the United States.
As part of the deal, First Horizon Insurance Group's Nashville office will combine with Brown & Brown's existing Nashville operation into a new Nashville location, under the leadership of First Horizon's Daniel Hite and William Taylor, and Brown & Brown's Danny Simmerman. The agency will continue to operate from its existing Memphis and Chattanooga locations.
Immediately after closing, First Horizon Insurance Group, Inc. will change its name and operate as Brown & Brown of Tennessee, Inc.