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Brown & Brown to buy Wright Insurance for $602.5M

The Associated Press

Insurance company Brown & Brown said Wednesday it agreed to acquire Wright Insurance Group, a provider of flood insurance and other types of insurance, for $602.5 million.

The acquisition is expected to result in 9 cents to 10 cents per share earnings growth for Brown & Brown in the next fiscal year and yield tax benefits of $108 million.

Daytona Beach, Fla.-based Brown & Brown earned $1.26 per share in 2012.

The deal is expected to close in April.