Brown & Brown in Letter to Buy Raleigh, Schwarz & Powell and Golden State Holdings

Brown & Brown Inc. announced that it has signed a letter of intent with Raleigh, Schwarz & Powell Inc. and Golden State Holdings Inc. to acquire the two related agencies. Located respectively in Tacoma, Wash., and San Rafael, Calif., the firms represent approximately $20 million in combined annualized revenues.

According to Brown & Brown, finalization of the transaction is subject to completion of a full due diligence review and other standard conditions. It is anticipated that the closing will take place on Aug. 31, 2001.

Brown & Brown Inc. provides a broad range of insurance products and services, as well as risk management, employee benefit administration, and managed health care services through offices located across the U.S.