Brown & Brown of Kentucky, part of Brown & Brown, has purchased substantially all of the assets of FNI Management Group, a specialty insurer. Financial terms of the deal were not revealed.
The acquired entity generates revenues of around $1.5m per year.
As part of the deal, FNI principals Howard Brinn and Mike Mitchell will join Brown & Brown’s auto, RV and powersports practice, which is headed by Brown & Brown of Kentucky president Mike Neal.
“Howard and Mike have a wealth of experience in the automotive dealership market in the greater Chicago area. We believe that their F&I experience will further strengthen our Midwest presence when coupled with Joel Kansanback, Bill Kelly and the recently acquired Automotive Development Group team,” Neal noted.
Brinn and Mitchell will work alongside the Automotive Development Group team in their new roles. The two have a combined industry experience of more than 60 years.
“Mike and I feel that combining our efforts and experience with Brown & Brown-Automotive Development Group will allow us to enhance our service to our dealer partners and continue to grow,” Brinn said.
Brown & Brown has made a host of acquisitions this year, the most recent being the acquisition of the assets of Finance & Insurance Resources.