Brown & Brown, Inc. Announces the Asset Acquisition of Brookstone Insurance Group, LLC
September 16 2020 - 7:00AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Brook Crawford, the owner of Brookstone
Insurance Group, LLC, today announced that Brown & Brown Lone
Star Insurance Services, Inc., a subsidiary of Brown & Brown,
Inc., has acquired substantially all of the assets of the
Brookstone.
Brookstone Insurance Group provides commercial
and personal insurance solutions to customers throughout the
greater Dallas-Fort Worth metro area. The Brookstone team
will become part of the Brown & Brown operations in DFW and
throughout the state of Texas. Brookstone will continue to
operate from existing offices under leadership of Lauren Allen and
under regional leadership of Tommy Huval.
Tommy Huval, Regional President of Brown &
Brown Retail, stated, “Brook has built a fantastic agency bringing
together talented producers in the Dallas-Fort Worth market.
Under Lauren and Brook’s leadership, the Brookstone team has
focused on customer service and market expertise as the agency has
continued to grow. We are excited about the new talent and
valued customer relationships that will become part of Brown &
Brown’s operations in Texas.”
Brook Crawford stated, “This new relationship
with Brown & Brown is a quality fit for our leadership team,
department heads and staff for both the short and long term.
It places us with a fantastic strategic partner with incredible
financial strength, excellent carrier relationships and solid
appetite for continued growth. We are well served for the
future. Bottom line, we are excited.”
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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