Brown & Brown, Inc. Announces the Asset Acquisition of Cossio Insurance Agency
March 14 2019 - 7:05AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Larry and Marcela Cossio, the owners of Cossio
Insurance Agency, today announced that Brown & Brown of South
Carolina, Inc. has acquired substantially all of the assets of
Cossio Insurance Agency.
Cossio Insurance Agency (“CIA”), based in
Greenville, South Carolina, provides a range of insurance offerings
for its customers, with a focus in family fun centers, paintball,
inflatable rentals and other entertainment/special event products
and services. CIA has annual revenues of approximately $3.5
million. Larry Cossio and his CIA team will continue to
operate from their office in Greenville, South Carolina. The
CIA operation will fall under the responsibility of Mike Keeby, a
Senior Vice President of Brown & Brown, Inc. and a Regional
President in Brown & Brown’s Retail Division.
Mr. Keeby stated, “Larry has been in the
brokerage business for over 30 years providing customer focused
insurance solutions for unique risks. The CIA team has a
proven track record of implementing successful solutions for their
family entertainment customers and the carriers that insure those
customers. We are excited to add this team’s experience to
our operations in South Carolina, which report to Todd Tyler.”
Mr. Cossio stated, “We are excited to work with
Brown & Brown and expand our horizons with all the additional
services and products that they bring to the table. The sky
is the limit!”
Brown & Brown, Inc. is a leading insurance
brokerage firm, providing risk management solutions to individuals
and businesses. With Brown & Brown’s 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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