Brown & Brown Agrees To Buy Assets Of Morstan General Agency

(RTTNews) - Insurance and reinsurance company Brown & Brown Inc. (BRO) announced Monday an asset purchase agreement to acquire substantially all of the operating assets of Morstan. The transaction is expected to close in June 2016, subject to customary closing conditions.

New York-based Morstan, which has been in operation since 1964, is a wholesale MGA/MGU offering a wide range of products in commercial lines, personal lines, employee benefits and life insurance products. The wholesale agency had total approximate annual revenues in 2015 of $34 million.

Brown & Brown said the new profit center will continue to operate under the Morstan name from its headquarters in Manhasset, making it the fifteenth distinct brand in the Brown & Brown Wholesale Division.

The profit center will be guided by the sales and underwriting leadership of Jay Levy and Howie Levy and will report to Kathy Colangelo, Senior Vice President of the Brown & Brown Wholesale Division. Al Eskanazy will assist with transition of the new profit center.