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Brown and Brown Acquires Assets of Spann Insurance Agency in Nashville.

MANews-(C)2009-2017

22 June 2017 - US-based insurance and reinsurance products provider Brown and Brown, Inc.'s (NYSE: BRO) Brown and Brown of Tennessee unit has acquired substantially all of the assets of Nashville-based Spann Insurance, Inc, the company said.

Terms of the deal were not disclosed.

The sellers were Gwen Spann, Jack Spann, Lee Spann and John Spann IV, the principals, widow and descendants of John A. Spann, Jr., the founder of Spann Insurance.

Spann Insurance, a third generation insurance agency, has been in the Nashville metropolitan area providing insurance solutions for business and individual clients since 1951.

The agency has annual net revenues of approximately USD 3m.

Spann Insurance will transition into Brown and Brown's profit centre in Brentwood, Tennessee, which operates under the direction of John Esposito, Regional president of Brown and Brown, Inc.

Brown and Brown, through its subsidiaries, offers a range of insurance and reinsurance products and related services.

Additionally, certain Brown and Brown subsidiaries offer a variety of risk management, third-party administration, and other services.

Country: USA

Sector: Insurance

Target: Spann Insurance

Buyer: Brown and Brown

Vendor: Gwen Spann, Jack Spann, Lee Spann and John Spann IV

Deal size in USD:

Type: Corporate Acquisition

Financing:

Status: Closed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

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Article Details
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Publication:M & A Navigator
Geographic Code:1U6TN
Date:Jun 22, 2017
Words:213
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