Brown & Brown, Inc. Announces the Asset Acquisition of C & C Risk Services, LLC

Date : 06/18/2018 @ 6:45AM
Source : GlobeNewswire Inc.
Stock : Brown & Brown, Inc. (BRO)
Quote : 29.03  -0.26 (-0.89%) @ 12:25PM

Brown & Brown, Inc. Announces the Asset Acquisition of C & C Risk Services, LLC

Brown & Brown (NYSE:BRO)
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6 Months : From May 2018 to Nov 2018

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J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Craig S. Balco, Sr. and Christopher L. Fuller, the principals of C & C Risk Services, LLC, today announced that a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of C & C Risk Services.

Founded in 2013 by Craig Balco and Chris Fuller, C & C Risk Services is a managing general agent providing excess public entity insurance coverage to municipalities in Texas and Florida.  The firm has annual revenues of approximately $1 million.  Following the acquisition, C & C Risk Services will operate as part of Brown & Brown’s Wholesale Brokerage Division from its existing Texas and Florida locations. 

Anthony T. Strianese, President of Brown & Brown’s Wholesale Brokerage Division, stated, “Craig and Chris bring great experience and expertise in the excess public entity insurance market.  We are proud to welcome them to the Brown & Brown family and look forward to their growth in Texas, Florida, and beyond.”

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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