Brown & Brown (BRO) Acquires Kronholm Insurance Services
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J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and John Kronholm, the sole shareholder of Kronholm Insurance Services, Inc. ("Kronholm Insurance"), today announced that Brown & Brown of Connecticut, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Kronholm Insurance.
Kronholm Insurance, a second generation insurance agency, has been a leader in providing lawyer professional liability solutions, court bonds, committee of sale coverage, long term care and related commercial and personal lines products in Connecticut and Rhode Island for over 30 years. The agency has annual net revenues of approximately $2.5 million. Kronholm Insurance will combine with Brown & Brown's profit center in Rocky Hill, Connecticut, which operates under the direction of Don McGowan, Regional President of Brown & Brown, Inc.
Don McGowan stated, "John and his team have been delivering experienced insurance solutions for the legal community in Connecticut and Rhode Island for a number of years. We are excited to have the opportunity to bring broader insurance solutions to all of the Kronholm clients while leveraging our new teammates' expertise in legal professional liability insurance."
John Kronholm stated, "My team and I are very proud to be joining Brown & Brown. We are excited about the opportunity to offer our clients a wealth of additional products and services."
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