Brown & Brown has revealed that its subsidiary has snapped up the assets of a managing general agent (MGA) based in Texas.
Brown & Brown subsidiary Texas Security General Insurance Agency has acquired all of the assets of Loving and Etheredge d/b/a Texas Commercial Insurance Facilities (TCIF), as well as TCIF-affiliate Arkansas Insurance Facilities (AIF).
Don Etheredge and Harold Loving founded TCIF in 1990 - it served as an MGA for retail insurance agents in Texas placing commercial and personal surplus lines P&C business. AIF provides similar services for retail agents in Arkansas. Together, the two firms have annual revenues of approximately $2 million.
Following the acquisition, the TCIF and AIF teams will join Brown & Brown’s wholesale brokerage division at branch locations of Texas Security General Insurance Agency. Both teams will also report to Texas Security General Agency president Tom Contreras.
“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,” Contreras said in a statement. “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.”
“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,” commented Etheredge.
In May, Brown & Brown secured a foothold in Hawaii through the acquisition of Servco Pacific Insurance, which also serves the Pacific Northwest.