Brown & Brown, Inc. Announces the Asset Acquisition of Kerxton Insurance Agency, Inc. and Fitness Underwriters, Inc.
March 01 2018 - 5:30PM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Jeff and Brad Kerxton, the shareholders of
Kerxton Insurance, today announced that Brown & Brown Insurance
Agency of Virginia, Inc., a subsidiary of Brown & Brown, Inc.,
has acquired substantially all of the assets of Kerxton Insurance
Agency, Inc. and Fitness Underwriters, Inc. (collectively, “Kerxton
Insurance”).
With roots dating back to 1964, Kerxton Insurance
has annual revenues of approximately $5.0 million. The firm
provides a wide variety of personal and business insurance products
and services to clients in the Mid-Atlantic Region and throughout
the United States, including insurance solutions for health and
fitness clubs under the Fitness Underwriters brand. Following the
acquisition, Kerxton Insurance will re-locate to Brown &
Brown’s existing Manassas, Virginia office and will operate under
the leadership of Bill Strachan.
Mr. Strachan, President of Brown & Brown
Insurance Agency of Virginia, Inc., stated, “I have known Jeff and
Brad for over 20 years and am excited to work with them and their
talented team. We are thrilled to combine our operations
together and look forward to our continued growth in the DC
Metro marketplace and beyond.”
Jeff Kerxton stated, “We are very excited about
joining the Brown & Brown team. Our values, team members, and
resources align extremely well. Both teams have a commitment
to excellence that is second to none, and I am very confident,
together, we will continue to grow within the markets and
industries we serve.”
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 United 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
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