A Florida-based insurance agency has acquired the retail and brokerage business-related assets of four local Connecticut insurance outfits.
As part of the deal, Brown & Brown Inc. acquired Middletown-based McCutcheon Burr & Sons, Waterford-based Hedden Insurance, and The Gardner-Kirby Corp. and Stone Insurance Agencies, both located in Meriden.
The terms of the deal were not disclosed, but Brown & Brown said the acquired operations generate approximately $7.2 million in combined annual revenues. Donald McGowan, the executive vice president of Brown & Brown of Connecticut, will oversee the acquired operations.
“We have been impressed with the quality and integrity of these operations since we entered the Connecticut marketplace in 2001,” said Scott Penny, regional executive vice president of Brown & Brown, Inc., who is responsible for the company’s retail operations in Connecticut. “This transaction significantly enhances our presence in the Constitution State and throughout New England.”
