Brown & Brown Snaps up AGIS Network, Gremesco

Brown & Brown (BRO) has acquired all the assets of AGIS Network, Inc.

AGIS Network is an employee benefits enrolment firm that facilitates technology-driven resources, and long-term care benefits options for large employer groups, governmental agencies, and individual consumers.

The addition of AGIS Network will enhance Brown & Brown’s capabilities to better serve the long-term care marketplace. (See BRO stock charts on TipRanks)

Paul Rogers, SVP for Brown & Brown National Employee Benefits, commented, “The AGIS acquisition is an excellent complement to our existing value proposition that focuses on specialization to deliver extraordinary value to our employee benefits customers.”

Brown & Brown also announced that its subsidiary, Bridge Specialty Group, has acquired all the assets of Gremesco.

Gremesco is a wholesale insurance broker offering property and casualty insurance products and services through retail agents in New Jersey and New York.

The financial terms of both deals have been kept under wraps.

Last month, Wolfe Research analyst Michael Zaremski initiated coverage of Brown & Brown with a Hold rating, and a price target of $61 (8.6% upside potential).

Consensus among analysts is a Moderate Buy, based on two Buys and four Holds. The average Brown & Brown price target of $58.83 implies 4.7% upside potential to current levels.

TipRanks data shows that financial blogger opinions are 100% Bullish on BRO, compared to a sector average of 73%.