Brown & Brown, Inc. Announces the Acquisition of Health Special Risk, Inc.
July 02 2018 - 6:45AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Tom Lenihan and Phil Munson, the principals of
Health Special Risk, Inc. (“HSR”), today announce that Brown &
Brown, Inc. has acquired HSR.
Health Special Risk, which has been in business
for 40 years, is one of the leading providers of TPA and MGU
services for special risk and accident & health insurance. HSR
has annual revenues of approximately $6,500,000. The HSR team will
continue to operate from their offices in Texas and Minnesota as
Health Special Risk, Inc. Tom will remain as President of HSR
leading the new HSR profit center, and Phil, as Executive Vice
President, will continue to oversee the MGU operations of
HSR. Tom will report to Drew Smith, President of American
Specialty.
Drew Smith stated, “Tom, Phil and the HSR team
have been a constant in the special risk and accident & health
space for decades, providing top of class service for their clients
and carrier partners. We are excited about what they bring to our
collective capabilities and the complementary market focus that
they share with the American Specialty team.”
Tom and Phil are thrilled to join the Brown
& Brown team. “Through our partnership with Brown & Brown
and American Specialty, we will be provided opportunities for
growth far surpassing what we could do independently. The entire
HSR family is excited to join forces with Brown & Brown as we
enter this new phase of our journey.”
Brown & Brown, Inc., through its
subsidiaries, offers a broad range of insurance and reinsurance
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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