(By Balaseshan) Brown & Brown Inc. (NYSE: BRO), a diversified insurance agency, said its subsidiary Brown & Brown of New York Inc. has purchased certain assets of Rowlands & Barranca Agency Inc.
Following the transaction, the acquired RBA operations will continue to operate from RBA's existing office located in Albany, New York, under the leadership of Bruce Rowlands.
RBA, which was founded in 1996, has annual revenues of about $4.0 million. RBA provides a variety of employee benefits brokerage and consulting services to its clients in New York state.
"Rowlands & Barranca Agency has built a reputation as an expert in employee benefits products and services in the New York state capital area. That skill and expertise makes this agency an excellent addition to our New York operations and establishes a foundation for Brown & Brown in the Albany metropolitan market," said Nick Dereszynski, Regional Vice President responsible for certain of Brown & Brown's retail operations in New York state.
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Brown & Brown is a diversified insurance agency, wholesale brokerage, insurance programs and service organization. It engages in the marketing and sale of insurance products and services in the United States. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services.
BRO closed Friday's regular session down 1.53% at $25.77. The stock has been trading between $21.38 and $28.17 for the past 52 weeks.