Fla.-Based Brown & Brown Acquiring American Specialty

Brown & Brown Inc. has announced an agreement to acquire the assets of American Specialty Cos. Inc. of Roanoke, Ind., for an undisclosed amount. The company has about $13 million in annual revenue.

The deal “takes our position in specialty insurance and risk management to new level,” Jim Henderson, president and COO of Brown & Brown said.

Brown & Brown said it ranks as the nation’s eighth-largest insurance brokerage company, focusing on casualty and employee benefits areas.

Peter Eshelman, president and CEO of American Specialty will become a member of Brown & Brown’s Leadership Council. The company will continue to operate from its existing location as a stand-alone Brown & Brown operation.

American Specialty provides insurance and risk services for the sports and entertainment industry, with clients in professional sports, motor sports and amateur sports. It also provides disability and other insurance for major league athletes. American Specialty provided insurance policies covering everything from the 1996 Olympic Games to the guaranteed contracts of some of baseball’s greatest players.