Corroon & Black bought an Arizona insurer.

The international insurance services firm acquired privately held Olliver/Pilcher Insurance of Phoenix, which it described as Arizona’s largest independent agency with 175 employees in five offices. The acquisition, accomplished by an exchange of stock that Olliver/Pilcher Chairman William W. Pilcher valued at more than $12 million, will give New York-based Corroon & Black “instant presence” in the Arizona market. Pilcher will continue as chairman of the Arizona unit, which will be consolidated into Corroon & Black during 1986.