Brown & Brown of New York acquires multiline broker
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Brown & Brown of New York Inc., a Rochester, New York-based subsidiary of Brown & Brown Inc., has acquired Mahopac, New York-based multiline insurance broker Spain Agency Inc.
A spokesman for Daytona Beach Florida-based Brown & Brown Inc. declined to comment on the terms of the deal.
Spain provides commercial and personal lines insurance, primarily in New York, according to the statement released Monday. The agency generates annual revenues of $6.5 million, Brown & Brown Inc. said.
As part of the deal, Michael Spain, the firm’s majority principal, Spain Vice President Brian Miles and their team will continue to operate out of Spain’s existing office.
“Michael Spain and Brian Miles have done an excellent job in growing the agency to serve the needs of its commercial, municipal and individual clients,” Tony Grippa, senior vice president at Brown & Brown Inc. who oversees the firm’s New York operations, said in the statement. “The Spain Agency’s commitment to client service and expertise fits perfectly with Brown & Brown's operations in New York and nationally."
Brown & Brown is the seventh-largest insurance broker worldwide according to Business Insurance’s latest ranking.
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