Insurance brokerage firm Brown & Brown (NYSE:BRO) Dealer Services acquired the assets of DealerMax, founded in 1982 by Jim Maxim, Sr. as Maxim Automotive, serves dealer customers in Pennsylvania and throughout the Northeast.
The DealerMax team will join Brown & Brown Dealer Services and continue to operate from their offices in Berwyn, Pennsylvania.
The stock price is down 1% to $85.90 on Wednesday during pre-market hours of trading.
Bofa Securities cut BRO (BRO) rating to Underperform from Neutral, pointing the stock’s rapid rise has stretched valuation, Also margins nearing peak levels and organic growth poised to decelerate, especially for the broker group.
The stock price has surged 14% since reporting Q4 earnings.