Brown & Brown, Inc. Announces the Asset Acquisition of herronpalmer
August 21 2017 - 7:00AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Felicia Palmer and Tony Herron, the founders
of herronpalmer, LLC (“herronpalmer”), today announced that Pacific
Resources Benefit Advisors, LLC, a subsidiary of Brown & Brown,
Inc., has acquired substantially all of the assets of
herronpalmer.
Herronpalmer assists Fortune-ranked and other
large company clients analyze, model and negotiate solutions
associated with sourcing HR and employee benefit program
administration. Herronpalmer has annual revenues of
approximately $3.5 million. Felicia Palmer and Tony Herron,
along with the herronpalmer team, will join the Pacific Resources
profit center, which operates under the direction of Barrett Brown,
Regional President of Brown & Brown, Inc.
Barrett Brown stated, “Tony and Felicia have
developed herronpalmer into one of the top firms in thought
leadership in the benefits administration consulting space.
We expect big things by combining the herronpalmer team with our
PacRes team, under the leadership of Paul Rogers and Paul
Barden.”
Felicia Palmer stated, “Joining the Pacific
Resources and Brown & Brown family allows us to further
accelerate the growth and diversification of our advisory services
and meet the evolving needs of our U.S. and global clients.” Tony
Herron added, “The culture and philosophical alignment of providing
independent, evidence-based insights to clients made a partnership
with Pacific Resources a natural alliance. In addition, it will
allow us to leverage the resources and best practices of both our
organizations. We are excited to be joining Pacific Resources.”
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 Watts
Chief Financial Officer
(386) 239-5770
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