Thomas E. Riley, Regional President of Brown & Brown, Inc., and Anthony L. Johnson, President of Comcover Insurance Group, Inc., based in Dania, Florida, today announced that Brown & Brown of Florida, Inc., a subsidiary of Brown & Brown, Inc., and Comcover Insurance Group, Inc. have entered into an agreement for Brown & Brown of Florida to acquire substantially all of Comcover's assets. Finalization of the transaction is subject to the satisfaction of certain customary conditions. The transaction is expected to close in early January 2011.
With annualized revenues of approximately $1.6 million, Comcover has provided property and casualty and risk management products and services to business owners since 2003. The firm specializes in products and services tailored to clients in the wholesale, distribution, manufacturing, lumber and building materials, transportation, and commercial property ownership and development industries, among other industries. After the closing, Anthony
Johnson and his staff will join Brown & Brown of Florida's existing Fort Lauderdale and Miami Lakes, Florida profit centers, under the leadership of Michael Keeby and Colin Lowe, respectively.
Tom Riley, Regional President responsible for certain of Brown & Brown of Florida's retail operations in south Florida, said: "Comcover is a recognized leader in meeting the unique insurance and risk management needs of clients in a wide spectrum of industries. We are proud that Anthony and the other talented members of the Comcover team will be joining Brown & Brown."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary.