Posted on 02 Feb 2010
Kenneth D. Kirk, Regional President of Brown & Brown, Inc., and Elizabeth A. Frilling and Stephanie M. Frilling, principals of Insurance Exchange, Inc., of Albuquerque, New Mexico, on Monday announced the acquisition of certain assets of Insurance Exchange, Inc. by a subsidiary of Brown & Brown, Inc.
The acquired assets, with annual revenues of approximately $2 million, comprise the selling entity's "Insurance Exchange" division, which has served the commercial and personal lines property and casualty insurance needs of clients throughout New Mexico since 1975. The acquired operations will combine with Brown & Brown's existing Albuquerque profit center, under the leadership of Scott Jones.
The selling entity's INEX division was not part of this transaction and will continue to operate from its existing Albuquerque location.
Mr. Kirk, who is responsible for Brown & Brown's New Mexico retail operations, commented, "We are fortunate to have Insurance Exchange's team join us as we continue to grow our footprint in New Mexico. In this challenging insurance environment, we look forward to offering Insurance Exchange's clients with access to an even greater range of products and services."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, third party administration, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the sixth largest independent insurance intermediary in the United States. The Company's Web address is www.bbinsurance.com.