Brown & Brown, Inc. Announces the Asset Acquisition of TriCoast Insurance Services, LLC
June 19 2017 - 7:00AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Craig Justice, the principal of TriCoast
Insurance Services, LLC (“TriCoast Insurance”), today announced
that Arrowhead General Insurance Agency, Inc. (“Arrowhead”), a
subsidiary of Brown & Brown, Inc., has acquired substantially
all of the assets of TriCoast Insurance.
TriCoast Insurance provides access to earthquake
and hurricane insurance products to agents and insureds. The
agency has annual net revenues of approximately $2.4 million.
The TriCoast Insurance assets will become a part of Arrowhead,
operating under the direction of Steve Bouker, Executive Vice
President of Arrowhead. Craig Justice will continue to
partner with Arrowhead to bring specialty catastrophe insurance
products and other Arrowhead products to agents and insureds.
Steve Bouker stated, “Craig’s extensive
experience in the earthquake and hurricane insurance space was
invaluable in the development and marketing of new products.
We look forward to further expanding our product offerings and
Craig’s continued partnership with Arrowhead”.
Craig Justice stated, “Arrowhead’s backing and
support allowed me to leverage my contacts and experience to
deliver high quality products and services to agents and insureds.
I look forward to my continuing relationship with Arrowhead and new
opportunities for my valued clients.”
Brown & Brown, Inc., through its
subsidiaries, offers a broad range of insurance and reinsurance
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 Watts
Chief Financial Officer
(386) 239-5770
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