US-based insurance brokerage firm Brown & Brown has acquired substantially all of the assets of Twinbrook Insurance Brokerage and Twinbrook Insurance Agency (collectively called Twinbrook Insurance) for an undisclosed price.
Twinbrook Insurance was acquired by Brown & Brown from the former’s sole shareholder Joseph (Joe) Rizzo.
Rizzo said: “The Twinbrook team is very excited to become a part of the Brown & Brown organization. Joining one of the largest insurance brokerage firms in the United States is a true honor.”
Twinbrook Insurance, which was established in 1960, offers property and casualty (P&C) insurance products and services in New England and Florida.
In particular, the company offers insurance solutions to businesses and individuals, focused largely on the hospitality and aviation industries. The company’s services include personal insurance, business insurance, surety bonds and aviation insurance.
Brown & Brown senior vice president Donald McGowan said: “Twinbrook Insurance is one of the premier independent agencies in New England and fits well—both operationally and culturally—with our other Brown & Brown offices in Massachusetts and beyond.
“We are excited about the growth opportunities we believe will result from the transaction and are pleased to welcome Joe and his team to Brown & Brown.”
Brown & Brown said that Twinbrook Insurance will be operated as a new independent office within the company’s retail segment. The business will be continued to be led by Joe Rizzo and operate from existing locations in Massachusetts.
The new Twinbrook office of Brown & Brown will also have a presence in Broward County in Florida.
Through its subsidiaries, Brown & Brown provides a variety of insurance products and related services. The company’s subsidiaries also offer a range of risk management, third-party administration, and other services.
In April, Brown & Brown acquired substantially all of the assets of ALMEA Insurance’s location in Vancouver, Washington. ALMEA Insurance provides various personal and business insurance products and services to customers across the states of Washington and Oregon.
In March 2019, Brown & Brown substantially all of the assets of South Carolina-based Cossio Insurance Agency and Californian broker Austin & Austin Insurance Services.