Brown & Brown To Buy Arrowhead Insurance For $395M

Law360, New York (December 16, 2011, 2:43 PM EST) -- Florida insurance company Brown & Brown Inc. has agreed to purchase Arrowhead General Insurance Agency Inc. for $395 million as it expands its business throughout the country, Brown & Brown announced Friday.

The all-cash deal is expected to close in January 2012, subject to customary regulatory approval. An additional payment of up to $5 million may be made three years after closing, depending on Arrowhead's earnings.

Brown & Brown said it expected the purchase of San Diego-based Arrowhead, projected to have total revenue of about $105...
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