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Brown & Brown makes two acquisitions

IBR Staff Writer Published 21 June 2017

Insurance intermediary Brown & Brown has acquired a majority of all the assets of Tennessee-based Spann Insurance for an undisclosed price.

The acquisition was made by Brown & Brown of Tennessee, a subsidiary of Florida-based Brown & Brown.

A third generation insurance agency, Spann Insurance with annual net revenues of about $3m has maintained a footprint in the Nashville metropolitan area since 1951. It offers insurance solutions for business and individual clients.

Spann Insurance will be absorbed into the profit center of Brown & Brown in Brentwood, Tennessee, which is overseen by the insurance intermediary’s regional president John Esposito.

Esposito said: “Jack and Lee, along with their mother Gwen, and son, John, have successfully lead an agency with a 65-year history in Nashville. 

“We are excited to have the opportunity to bring broader insurance solutions to all of the Spann clients while bringing the strength of the Spann team to our Nashville office, led by Ryan Rothrock.”

Through its subsidiaries, the US-based Brown & Brown provides a wide selection of insurance and reinsurance products and related services.  Apart from that, some Brown & Brown subsidiaries provide different types of risk management, third-party administration among other services.

The Spann family said: “Becoming part of the Brown & Brown team will provide our loyal clients and dedicated staff additional resources and new exciting options that we otherwise would not be able to offer.

“We are impressed how Brown & Brown maintains the same family atmosphere and professional, personal service that has always been our mission.”

In another transaction this week, Brown & Brown announced the acquisition of a majority of TriCoast Insurance assets by its subsidiary Arrowhead General Insurance Agency. TriCoast Insurance with annual net revenues of nearly $2.4m offers earthquake and hurricane insurance products.

Image: A subsidiary of Brown & Brown bought Spann Insurance. Photo: courtesy of stockimages/Freedigitalphotos.net.