Brown & Brown’s subsidiary has acquired certain assets of Insurance Exchange. The acquired assets, with annual revenues of approximately $2m, comprise the selling entity's Insurance Exchange division, which has served the commercial and personal lines property and casualty insurance needs of clients in New Mexico.
The selling entity’s INEX division was not part of the transaction and will continue to operate from its existing Albuquerque location.
Kenneth Kirk, regional president of Brown & Brown’s New Mexico retail operations, said: We are fortunate to have Insurance Exchange’s team join us as we continue to grow our footprint in New Mexico. In this challenging insurance environment, we look forward to offering Insurance Exchange’s clients with access to an even greater range of products and services.
Brown & Brown and its subsidiaries offer insurance and reinsurance products and services, as well as risk management, third party administration, managed health care, and medicare set-aside services and programs. It provides service to business, public entity, individual, trade and professional association clients.