Brown & Brown of Northern California Acquires Sitzmann Assets

Brown & Brown of Northern California Inc., a subsidiary of Brown & Brown, Inc. has acquired substantially all of the assets of Sitzmann, Morris & Lavis Insurance Agency Inc.

SML is in the employee benefits, life insurance, estate planning and business continuity fields, and reports annual revenues of roughly $18 million. SML will continue to serve its California clients from its offices in Oakland, Lafayette, and Santa Rosa under the leadership of Matthew M. Sitzmann.

SML Financial Services is not part of the transaction and will continue to operate from its existing Oakland, Calif. location.

“Among the qualities that set SML apart are its ability to better serve its clients’ needs by leveraging its exclusive benefit offerings, superior case management, innovative technology, and cost reduction capabilities,” C. Roy Bridges, regional president for Brown & Brown, said in a statement. “We anticipate our clients and insurance carrier partners will especially appreciate the efficiencies and cost savings afforded by SML’s proprietary technology and benefit administration systems. Long term, SML will strengthen our ability to take advantage of future opportunities in the dynamic benefits marketplace.”

Brown & Brown through its subsidiaries offers a range of insurance and reinsurance products and related services, as well as a variety of risk management, third-party administration and other services.

Shares of Brown & Brown (NYSE: BRO) were trading down 3 cents to $21.74 at midday.

Topics Mergers & Acquisitions California