Brokerages Virtus LLC of Overland Park, Kansas, and Kemmons Wilson Insurance Group LLC of Memphis, Tenn., have merged to create a company with about $20 million in revenue, the companies said in a statement Thursday.
The financial terms of the deal were not disclosed.
Founded in 2013, Virtus is led by CEO Andrew Gray. It specializes in real estate, private equity, construction and restaurant insurance, the statement said.
Kemmons Wilson was established in 1952 as an agency providing coverage to Holiday Inn hotels and has evolved to cover a range of industries.
“The collaboration with KWIG supports our continued focus on specialization. We have a great responsibility for the legacy of the Kemmons Wilson family and a great opportunity to help the business flourish into the future,” Gray said in the statement.
The combined company will have more than 100 employees and place more than $250 million in annual premium, the statement said.