Brown & Brown, Inc. Enters Into Agreement to Acquire Servco Pacific Insurance

Date : 06/05/2018 @ 6:45AM
Source : GlobeNewswire Inc.
Stock : Brown & Brown, Inc. (BRO)
Quote : 28.42  0.0 (0.00%) @ 4:00AM

Brown & Brown, Inc. Enters Into Agreement to Acquire Servco Pacific Insurance

Brown & Brown (NYSE:BRO)
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Brown & Brown, Inc. (NYSE:BRO) today announced the completion of the previously-announced acquisition of Servco Pacific Insurance (“Servco”) by Brown & Brown, Inc.

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. For more information on Brown & Brown, visit www.bbinsurance.com.  Servco Pacific Insurance’s current operations can be reviewed at www.servcoinsurance.com. 

This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition; the appointments of those individuals currently employed by Servco to leadership positions with Brown & Brown after the transaction; and the integration of the current Servco operations with Brown & Brown after the transaction.  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 actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements due to a number of risks and uncertainties.  These risks and uncertainties include, but are not limited to: Brown & Brown’s consummation and integration of the announced acquisition, including adequately addressing any matters analyzed in the due diligence process; Brown & Brown’s ability to retain Servco’s clients following the transaction; the post-transaction performance of the operations acquired from Servco combined with Brown & Brown’s operations; material adverse changes in the business and financial condition of Servco, Brown & Brown, or both, and their respective clients; material adverse changes in economic conditions in the markets Brown & Brown serves and in the general economy; management’s decisions after the transaction regarding employment positions with Brown & Brown; the inability of certain individuals to fill certain positions with Brown & Brown after the transaction; changes to management’s strategy, including the future strategic decisions regarding its insurance carrier relationships and/or the products and services it offers its distribution partners; future regulatory actions and conditions in the states in which Brown & Brown conducts its business; competition from others in the insurance agency, wholesale brokerage, insurance programs and service business.  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.  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) 239-7550

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