Brown & Brown Inc.

01/17/2020 | Press release | Distributed by Public on 01/17/2020 06:04

Brown & Brown, Inc. Announces the Asset Acquisition of Texas All Risk

DAYTONA BEACH, Fla., Jan. 17, 2020 (GLOBE NEWSWIRE) -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO); and Kelly A. Davis, the owner of All Risk General Agency, Inc.; Select General Agency, LLC; TARGA Investment Corporation; TARGA Premium Finance Company, Inc.; and Texas All Risk General Agency, Inc. (collectively, Texas All Risk), today announced that Hull & Company, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Texas All Risk.

Texas All Risk is a managing general agent (MGA) for independent retail insurance agencies placing a wide range of property and casualty insurance for businesses and individuals in Texas, Louisiana, and Oklahoma. Following the acquisition, the Texas All Risk team will continue operating from its Dallas, Texas location as a new stand-alone office within Brown & Brown's Wholesale Brokerage Segment under the leadership of Kelly Davis.

Kathy Colangelo, a Senior Vice President with oversight responsibility for certain offices within Brown & Brown's Wholesale Brokerage Segment, stated, 'Over the years, we have always been impressed by Kelly Davis and Texas All Risk as a competitor in the Texas marketplace. We are extremely excited about this transaction and look forward to the promising growth opportunities for the Wholesale Brokerage Segment to expand within Texas and further into Louisiana and Oklahoma.'

Kelly Davis stated, 'This transaction represents an exciting new chapter for Texas All Risk. We are extremely proud of all we've accomplished, but we believe the future of the wholesale insurance marketplace lies in the hands of a few major players. We can't imagine better partners to help take our agency to the next level than Kathy, her team at Hull & Company, and the Brown & Brown family.'

Brown & Brown, Inc. is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service. For more information, please visit 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 Watts
Chief Financial Officer
(386) 239-5770

Source: Brown & Brown, Inc.