Hull & Company, LLC Announces the Asset Acquisition of South & Western General Agency, Inc.
December 15 2020 - 6:45AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and John J. (“JJ”) Horan, Jr., the sole
shareholder of South & Western General Agency, Inc. (South
& Western), today announced that Hull & Company, LLC, a
subsidiary of Brown & Brown, Inc., has acquired substantially
all of the assets of South & Western and all issued and
outstanding shares of its affiliate, S&W Premium Finance
Company, Inc.
With roots dating back to 1974, South &
Western is a managing general agency for retail insurance agents
placing insurance for businesses and individuals primarily in
Texas, Arkansas, Louisiana, Mississippi, Oklahoma, and Tennessee.
The firm specializes in personal lines, farm and
ranch/agribusiness, commercial transportation, and specialty
commercial property and casualty insurance products. South &
Western also offers insurance premium financing through S&W
Premium Finance Company. Following the transaction, the South &
Western team will continue doing business under the leadership of
JJ Horan from their Addison, Texas and Memphis, Tennessee locations
as a new stand-alone operation within Brown & Brown’s Wholesale
Brokerage Segment.
Tony Strianese, President of Brown & Brown’s
Wholesale Brokerage Segment, stated, “South & Western is one of
the premier general agencies in the Southwest and Mid-South and has
succeeded over many years because of its high-quality, experienced
team and their dedication to providing outstanding service to their
customers. Among the many reasons for pursuing this opportunity, we
saw a strong alignment with South & Western’s culture and
values and are excited to welcome such a talented group of
insurance professionals to our team.”
JJ Horan, President of South & Western,
stated, “We are excited to now be part of a dynamic organization
like Brown & Brown Wholesale. We share the same core values of
providing high-quality products and world class customer service to
our agency partners by delivering solutions to their clients’
specialty insurance needs. The same South & Western team that
has served our partners in the past is ready to continue serving
them for many years to come.”
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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