Indianapolis-based benefits brokerage Mavum Consulting LLC has sold its assets to Florida-based Brown & Brown Inc., the two companies reported Tuesday.
Mavum, with a staff of 13, had been pulling in annual revenue of $1.3 million by matching employers with health, life, dental, vision and disability insurance coverage for their workers, as well as offering commercial liability and property and casualty insurance.
Brown & Brown is the largest benefits brokerage in the Indianapolis area, according to IBJ research. It has 82 local employees, who handled $865 million in premiums last year.
Mavum’s staff will move from its office at 7160 Graham Road to Brown & Brown’s local office at 11555 N. Meridian St. Mavum founder and president Rod Reasen II will help with the transition in a consulting role over the next two years.
However, Reasen has been growing a second company, Healthiest Employers LLC, which is offering wellness programs to companies in several states.
Brown & Brown has acquired numerous benefits brokerages in recent years as many smaller brokerages have sold to national firms or merged small local players. Brokers say they need more heft to negotiate with larger health insurance companies and more resources in order to offer the sophisticated tools and services to help them improve their employees’ health habits.
Brown & Brown became the largest local brokerage after a string of five acquisitions between January 2008 and March 2009.
"Our Indianapolis office has grown significantly over the last few years, and we are honored to have ... members of [the] Mavum team join our operation and contribute to that growth and success,” J. Scott Penny, Brown & Brown’s regional vice president over Indiana, asid in a statement.