U.S. insurance broker Brown & Brown Inc said it has agreed to purchase Arrowhead General Insurance Agency Inc for $395 million in cash.Brown & Brown said it will buy Arrowhead from Spectrum Equity Investors, JMI Equity and a management equityholder group.The company said the purchase price is subject to adjustments for certain items such as Arrowhead's working capital, debt and net tax operating losses.The insurance broker said an additional payment of up to $5 million may be made three years after closing.
Brown & Brown, Inc. is a diversified insurance agency, wholesale brokerage, insurance programs and service organization. Shares of BRO traded higher by 0.14% or $0.03/share to $21.76. In the past year, the shares have traded as low as $16.77 and as high as $27.07. On average, 1297400 shares of BRO exchange hands on a given day and today's volume is recorded at 1192329.
Source
