Brown & Brown Announces the Asset Acquisition of Behnke & Associates
Charles H. Lydecker, Retail Division President of Brown & Brown, Inc. (NYSE: BRO) and Colin E. Lowe, Profit Center Leader of Brown & Brown of Florida, Inc.'s Miami Lakes office, together with Fred M. Behnke, Mark E. Introcaso, C. Scott Kinzel, and Victor Eugene McFadden, the principals of Behnke & Associates, Inc., today announced that Brown & Brown of Florida, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Behnke & Associates.
Founded in 1995, Behnke & Associates specializes in providing personal lines property and casualty insurance products to clients throughout South Florida. With annual revenues of approximately $4.0 million, the company has offices in Hollywood and Pembroke Pines, Florida. As part of this transaction, Behnke & Associates' Hollywood office will join Brown & Brown of Florida's existing Miami Lakes office, and Behnke & Associates' Pembroke Pines office will continue to operate from its existing location. Going forward, Mark Introcaso will supervise the day-to-day operations of the Behnke & Associates team in both locations under the leadership and direction of Colin E. Lowe.
Mr. Lowe stated, "Behnke & Associates has become one of the premier South Florida property and casualty agencies in large part because of the superior customer service it provides its clients. Fred, Mark, and their team bring a wealth of experience to our existing operations, and we are very pleased to welcome them to Brown & Brown."
Fred Behnke, President of Behnke & Associates, stated, "As a Florida-based agency, we are particularly pleased to become a part of the Brown & Brown organization. The consolidation of our operation into their existing Miami Lakes office allows us to benefit from the expertise they have developed within that office. Our strength in personal lines allows both parties to leverage their respective strengths."
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, Brown & Brown is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. Brown & Brown's Web address is www.bbinsurance.com.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.