Brown & Brown (NYSE:BRO)
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2 Months : From Jun 2018 to Aug 2018
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Al Helmond, Kevin Riley and Don Abbott, principals of Professional Disability Associates, LLC (“PDA”), today announced that The Advocator Group, LLC, a wholly owned subsidiary of Brown & Brown, Inc., has acquired PDA.
PDA is an innovative disability services company and industry leader providing specialty claims management services, including medical file review, vocational services, and claim consulting, to major disability insurers, reinsurers and self-insured employers. PDA has annual revenues of approximately $15,000,000. The PDA team will continue to operate from their offices in Portland, Maine, as Professional Disability Associates, LLC, under the leadership of Al Helmond and Kevin Riley. PDA leadership will report to Julie Turpin, Chief Executive Officer of The Advocator Group.
Julie Turpin stated, “Like The Advocator Group, Al, Kevin and the PDA team have built a strong presence founded in expertise, sharing business insights and close relationships with clients. This partnership will allow both organizations to deliver service that drives deep and sustained value into carrier, customer and client relationships.”
Al Helmond stated, “We have a great level of respect for The Advocator Group. With the resources that The Advocator Group can make available to us, the PDA team will be able to further enhance the services we provide to our clients. We could not be more excited about this new partnership.”
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.
The Advocator Group, LLC is a nationwide advocacy organization dedicated to helping individuals apply for and obtain Social Security Disability Insurance. In addition, The Advocator Group assists Medicare beneficiaries in identifying the best coverage possible for their unique needs. The company’s core values include creating opportunities, enriching lives, and growing through innovation. For more information, visit http://www.advocator.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