Brown & Brown Inc., a Daytona Beach, Fla., insurance agency and brokerage firm, said Monday that it has agreed to buy the property and casualty insurance brokerage business of JPMorgan Chase & Co.'s JP Morgan Insurance Agency Inc. unit.
The price of the deal was not disclosed.
JP Morgan Insurance Agency, which focuses on wealthy clients, had revenue of $4 million last year. It is to continue to operate in Newark, Del., but would be named Brown & Brown Private Client Group, Brown & Brown said. The deal is expected to close by yearend.
Brown & Brown and its subsidiaries offer a range of insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care, and Medicare set-aside services and programs.
