Brown & Brown, Inc. Announces the Asset Acquisition of Frank E. Neal & Co., Inc.
September 11 2020 - 7:00AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Wink, Mark and Brent Neal, the owners of Frank
E. Neal & Co., Inc., today announced that Brown & Brown of
Tennessee, Inc., a subsidiary of Brown & Brown, Inc., has
acquired substantially all of the assets of the Frank E. Neal &
Co. Agency.
For over 45 years, Frank E. Neal & Co. has
provided commercial, surety, personal and employee benefits
insurance solutions to entrepreneurs, established businesses and
individuals throughout the Southeast region of the United
States. The agency has unique experience and deep expertise
in providing surety bonds and commercial insurance solutions within
the construction industry which helps fuel economic growth.
The Frank E. Neal team will join with the existing Brown &
Brown of Tennessee team in Nashville. Brown & Brown of
Tennessee operates under local leadership of Ryan Rothrock and
regional leadership of John Esposito.
Ryan Rothrock, Executive Vice President of Brown & Brown of
Tennessee, stated, “The Frank Neal agency has been a fixture in
Tennessee for many decades. Their team has been an integral
part of the community serving both businesses and families as the
capitol of Tennessee has grown. Wink, Mark, Brent and the
entire Frank Neal team bring a wealth of experience and
relationships to our established and proven Brown & Brown of
Tennessee team. We are excited about our future together and
the great things we can do for our customers.”
Wink Neal stated, “We are very thankful for our
Father’s founding of the agency in 1975. He allowed Mark,
Brent and me to become part of the agency and ultimately take the
reins. This move is about continued success and new
opportunities for our employees, clients and the agency. We
are grateful to be joining the Brown & Brown team. Mark,
Brent and I are excited and eager to go to work with Brown &
Brown of Tennessee.”
Brown & Brown, Inc. is a leading insurance
brokerage firm, providing risk management solutions to individuals
and businesses. With more than 80 years of proven success and
thousands of teammates, we offer knowledge you can trust and strive
to deliver superior customer service. For more information, please
visit 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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