Brown & Brown, Inc. Subsidiary Acquires Assets of Independent Pharmaceutical Consultants, Inc.
January 19 2012 - 7:00PM
Marketwired
Brown & Brown, Inc. (NYSE: BRO) today announced that one of its
wholly owned subsidiaries has acquired substantially all of the
assets of Independent Pharmaceutical Consultants, Inc. (IPC).
Kenneth W. "Ken" Anderson, a registered pharmacist, founded IPC
in 1991. With annual revenues of approximately $1.8 million, IPC
provides pharmaceutical benefits management (PBM) consulting and
compliance services to clients throughout the United States. As
part of this transaction, IPC's operations will join with Evergreen
Rx, a division of Brown & Brown's Evergreen Re profit center,
to form a new combined specialty pharmacy benefit consulting
department.
Ken Anderson, Christine Johnston, Kathy Friedman and their team
will continue to serve their clients from IPC's office in O'Fallon,
Missouri.
J. Scott Penny, Regional President and Chief Acquisitions
Officer for Brown & Brown, Inc., stated, "For over 20 years,
IPC has provided tailored PBM solutions for its clients. During
that time, the firm has assisted its clients to stay at the
forefront of changes that affect their drug benefit plans, from
Medicare Part D to pending changes under last year's healthcare
reform law, and developed innovative solutions for their clients.
We are proud to have Ken, Christine, Kathy and their team bring
their expertise to our existing pharmacy benefits consulting
group."
Ken Anderson, President of IPC, stated that, "It is a unique
experience to develop a strong personal and synergetic relationship
with a company the size of Brown & Brown. We have found that we
share the key elements required to have a long-term successful
profitable business partnership; sharing our dedication to grow our
practice, client-centric service, innovation solutions to a growing
number of issues challenging our clients and providing an
environment in which each of our employees can work to accomplish
their professional goals.
Ron Taylor, CEO of Brown & Brown's Evergreen Re / Evergreen
Rx, a division of the subsidiary acquiring IPC's operations, added:
"Evergreen has had a long standing relationship with IPC and we
have come to trust and rely on their pharmacy knowledge and
expertise. I believe Ken and his dedicated staff will take us to
the next level in our pharmacy benefits consulting practice."
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'
seventh 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.
Some 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.
Cory T. Walker Chief Financial Officer (386) 239-7250 Email
Contact
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From Apr 2024 to May 2024
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From May 2023 to May 2024