Hull & Company, LLC Announces the Asset Acquisition of J.E. Brown & Associates Insurance Services, Inc.
October 15 2020 - 6:45AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and David (Dave) E. Brown and Wendy C. Heathorn,
the principals of J.E. Brown & Associates Insurance Services,
Inc. (J.E. Brown), today announced that Hull & Company, LLC, a
subsidiary of Brown & Brown, Inc., has acquired substantially
all of the assets of J.E. Brown.
Founded in 1989, J.E. Brown is a managing
general agency for retail insurance agents placing property and
casualty insurance for businesses and individuals. The firm
specializes in offering small business and personal lines property
and casualty insurance products to customers in the western United
States, primarily in California. Following the transaction, the
J.E. Brown team will continue doing business under the leadership
of Dave Brown and Wendy Heathorn from their Walnut Creek and Yorba
Linda, California offices as a new stand-alone operation in Brown
& Brown’s Wholesale Brokerage Segment.
Kathy Colangelo, an Executive Vice President of
Hull & Company, stated, “Dave, Wendy, and their talented team
bring a tremendous amount of expertise and knowledge in the
California personal lines marketplace. We are excited to join
forces to leverage our strong carrier relationships and retail
agent networks, which we believe will enable us to offer a broader
and more diverse range of insurance products and services to our
customers.”
“Wendy and I are extremely excited to be
partnering with a group like Hull & Company who shares the same
level of commitment to its agents, carriers, and employees that we
have for the past 31 years,” stated Dave Brown. He added, “And, we
are very confident this partnership will help to further strengthen
J.E. Brown’s value proposition in the California insurance
marketplace.”
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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