Brown & Brown, Inc. Announces the Asset Acquisition of Managing General Agent
- June 19, 2018
Brown & Brown, Inc. Announces the Asset Acquisition of Loving and Etheredge, Inc. d/b/a Texas Commercial Insurance Facilities and Arkansas Insurance Facilities, Inc.
DAYTONA BEACH, FL -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO); Don H. Etheredge and Randle H. Loving, the principals of Loving and Etheredge, Inc. d/b/a Texas Commercial Insurance Facilities (TCIF); and Jason C. Sutterfield, who, together with Messrs. Etheredge and Loving, is principal of TCIF’s affiliate, Arkansas Insurance Facilities, Inc. (AIF), today announced that Texas Security General Insurance Agency, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of TCIF and AIF.
TCIF was founded in 1990 by Don Etheredge and Harold Loving and serves as a managing general agent (MGA) for Texas retail insurance agents placing commercial and personal surplus lines property and casualty business. AIF provides similar services for retail agents in Arkansas, and together, they have annual revenues of approximately $2 million. Following the acquisition, the TCIF and AIF teams will join Brown & Brown’s Wholesale Brokerage Division as branch locations of Texas Security General Insurance Agency and will report to Tom Contreras, President of Texas Security General Agency.
Mr. Contreras stated, “TCIF and AIF have distinguished themselves with their outstanding service and stability, which has enabled them to build strong, long-term relationships with their retail agents and carrier partners. We are excited about the opportunity for TCIF and AIF to help expand our footprint in Texas and Arkansas and look forward to growing our businesses together.”
Don Etheredge added, “We are eager to join forces with Tom and his staff at Texas Security. Together with our new partners, the TCIF and AIF teams will continue to offer the highest standard of products and services for our customers as we have provided for the past 28 years.”