Brown & Brown acquires Texas insurance agency
DAYTONA BEACH, Fla. (AP) — Insurance broker Brown & Brown Inc. said Friday it acquired Texas Security General Insurance Agency, which serves insurance agencies selling personal and commercial coverage in Texas. The company said the deal will help it expand in the wholesale insurance market in the state.
Terms of the deal were not disclosed.
Brown & Brown said it partnered with Tom Contreras, the principal of TSGA, to acquire TSGA's assets.
Texas Security General Insurance Agency is based in San Antonio and it had $5.8 million in annual revenue. Contreras will continue to run the business.
Brown & Brown shares were unchanged at $26.67 Friday.