New York subsidiary of insurance broker Brown & Brown has inked an agreement to buy certain assets of Rowlands & Barranca Agency (RBA), for an undisclosed sum.
The acquired entity delivers various employee benefits brokerage and consulting services to its clients in New York.
The purchased operations will continue to trade from its current office located in Albany, New York, under the management of Bruce Rowlands, a shareholder of RBA, once the transaction is completed.
Brown & Brown vice president, responsible for certain retail operations in New York, Nick Dereszynski said the acquisition will boost acquirer’s capabilities to provide employee benefits products and services in the region.
"Selecting Brown & Brown was a natural choice based on their business model that allows us to conduct business the way we always have, while simultaneously offering our clients the advantage of broader market strength," Rowlands said.
Established in 1996, the acquired enterprise has annual revenues of nearly $4m, according to the purchaser.
Brown & Brown provides numerous insurance and reinsurance products and related services, to business, public entity, individual, trade and professional association clients nationwide, through its subsidiaries.