Brown & Brown, Inc. Announces the Asset Acquisition of Finance & Insurance Resources, Inc.
05 September 2018 - 8:30PM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Jason Bayko and Bob Hunter, the principals of
Finance & Insurance Resources, Inc. (“F&I Resources”),
today announced that Brown & Brown of Kentucky, Inc., a
subsidiary of Brown & Brown, Inc., has acquired substantially
all of the assets of F&I Resources.
F&I Resources was founded in 1993 and has
grown to become a leader in F&I performance management for auto
dealers in the Northeast and Mid-Atlantic states by providing
F&I sales training and auto related warranty products for their
dealer partners. F&I Resources has annual revenues of
approximately $10.5 million. The F&I Resources team will become
part of the Brown & Brown auto, RV and powersports practice,
which operates under the leadership of Mike Neal, President of
Brown & Brown of Kentucky, Inc.
Mike stated, “Jason and Bob have grown F&I
Resources to be a best-in-class operation delivering sales
performance training and warranty insurance products for their
dealer partners. The F&I Resources team will provide additional
expertise to our growing platform in this space and establish a
base for operations in the Northeast. We are confident that this
will complement and enhance our existing operations.”
Jason Bayko stated, “I could not be more excited
to become a part of Brown & Brown and their sales culture. We
are now well positioned to grow by having access to additional
insurance products, giving us a unique value proposition for our
dealer partners.”
Bob Hunter added, “Brown & Brown’s culture,
which is focused on clients and teammates, is a perfect match for
us. Joining our company with Brown & Brown will provide us the
opportunity to enhance our relationships with our valued customers
through additional product offerings and training. I want to take
this time to thank our dedicated, talented and long-term team
members and our clients for their past and continued support.”
Brown & Brown, Inc., through its
subsidiaries, offers a broad range of insurance products and
related services. Additionally, certain Brown & Brown
subsidiaries offer a variety of risk management, third-party
administration, and other services. Serving business, public
entity, individual, trade and professional association clients
nationwide, Brown & Brown is ranked by Business Insurance
magazine as the United States’ sixth largest independent insurance
intermediary. Brown & Brown’s Web address is
www.bbinsurance.com.
This press release may contain certain
statements relating to future results which are forward-looking
statements, including those associated with this acquisition. These
statements are not historical facts, but instead represent only
Brown & Brown’s current belief regarding future events, many of
which, by their nature, are inherently uncertain and outside of
Brown & Brown’s control. It is possible that Brown &
Brown’s actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition
indicated in these forward-looking statements. Further information
concerning Brown & Brown and its business, including factors
that potentially could materially affect Brown & Brown’s
financial results and condition, as well as its other achievements,
is contained in Brown & Brown’s filings with the Securities and
Exchange Commission. Such factors include those factors relevant to
Brown & Brown’s consummation and integration of the announced
acquisition, including any matters analyzed in the due diligence
process, and material adverse changes in the business and financial
condition of the seller, the buyer, or both, and their respective
customers. All forward-looking statements made herein are made only
as of the date of this release, and Brown & Brown does not
undertake any obligation to publicly update or correct any
forward-looking statements to reflect events or circumstances that
subsequently occur or of which Brown & Brown hereafter becomes
aware.
R. Andrew WattsChief Financial Officer(386)
239-5770
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