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Terms of the transaction were not disclosed.
Advanced Insurance Concepts, with annual revenue of approximately $2 million, serves as the general agent for several health insurance providers in the region and provides employee benefit insurance products and services on behalf of brokers in Delaware, New Jersey and Pennsylvania, Brown & Brown said in a statement.
Agency management and staff will join Brown & Brown Consulting, a Brown & Brown profit center located in Philadelphia, the broker said.
Brown & Brown, based in Tampa and Daytona Beach, Fla., acquired four other employee benefit firms this month and another in July (BestWire, Aug. 13, 2008).
Brown & Brown (NYSE: BRO | Quote | Chart | News | PowerRating) is the 13th-largest broker based on broker revenue in 2007, according to the Best's Review ranking of top global insurance brokers. It offers insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care and Medicare set-aside services and programs.
Shares of Brown & Brown Inc. were selling at $19.19 in morning trading on Aug. 18, down 0.21% from the previous close.
(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)
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