Brown & Brown, Inc. announces the asset acquisition of The Pacific Underwriters Corporation
October 17 2023 - 6:45AM
J. Scott Penny, chief acquisitions officer of Brown & Brown,
Inc. (NYSE:BRO), and Diane M. Darling, Randall R. Flem and Richard
C. Rodruck, the shareholders of The Pacific Underwriters
Corporation (“Pacific Underwriters”), today announced that a
subsidiary of Brown & Brown, Inc. has acquired substantially
all of the assets of Pacific Underwriters.
With roots dating back to 1941, Pacific
Underwriters acts as a program manager on behalf of certain public
utility insurance risk pools in the State of Washington and also
offers insurance solutions for dental practitioners in the Pacific
Northwest. Following the acquisition, the Pacific Underwriters team
will continue doing business from their existing Seattle,
Washington location as part of Brown & Brown’s National
Programs segment.
Tom Kussurelis, the chief operating officer of
Brown & Brown’s National Programs segment, stated, “This
transaction is a unique opportunity for us to boost our
capabilities in two different specialized niches. We are pleased to
continue expanding the National Programs segment’s abilities and
footprint in the Pacific Northwest and look forward to an exciting
future of shared success with the talented Pacific Underwriters
team.”
Richard Rodruck, president of Pacific
Underwriters, stated, “For nearly four decades, Pacific
Underwriters has served public utility risk pools as a program
manager in the State of Washington. We have also enjoyed a
long-standing relationship with Brown & Brown in offering
insurance solutions to dentists and dental offices. We are excited
about the cultural and operational similarities between our
organizations and look forward to continuing to provide the same
high-quality, customer-focused service as part of the Brown &
Brown team.”
About Brown & Brown,
Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading
insurance brokerage firm, delivering risk management solutions to
individuals and businesses since 1939. With 16,000+ teammates in
approximately 500 locations worldwide, we are committed to
providing innovative strategies to help protect what our customers
value most. For more information or to find an office near you,
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.
For more information:
R. Andrew WattsChief Financial Officer(386) 239-5770
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