Brown & Brown, Inc. Announces the Asset Acquisition of Universal Benefit Solutions, L.L.C.
October 16 2017 - 6:45AM
J. Scott Penny, Chief Acquisitions Officer of & Brown, Inc.
(NYSE:BRO), and Brandon Brickweg, the founder of Universal Benefit
Solutions, L.L.C. (“UBS”), today announced that Pacific Resources
Benefit Advisors, LLC, a subsidiary of Brown & Brown, Inc., has
acquired substantially all of the assets of UBS.
UBS represents large company clients in the
placement of ancillary employee benefits products and has annual
revenues of approximately $2.5 million. The UBS team will
become part of the Pacific Resources profit center, which operates
under the direction of Barrett Brown, Regional President of Brown
& Brown, Inc.
Barrett Brown stated, “Brandon and Bob have
built a very successful advisory firm offering creative solutions
for their clients. We believe that joining their capabilities
with our PacRes team, under the leadership of Paul Barden and Paul
Rogers, will enhance both operations.”
Brandon Brickweg stated, “We have been offering
customer centric solutions for ancillary benefits throughout the
history of our organization and are very excited about combining
with PacRes.”
Brown & Brown, Inc., through its
subsidiaries, offers a broad range of insurance 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 Universal States’ sixth 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. 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
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From Apr 2023 to Apr 2024