Brown & Brown, Inc. Enters Into Agreement to Acquire O’Leary Insurances
December 16 2020 - 6:45AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Anthony O’Leary, the majority owner of O’Leary
Insurances (“OLI”), today announced that Brown & Brown, Inc.
(“Brown & Brown”) has entered into an agreement to acquire the
general insurance operating companies of OLI. The transaction is
expected to close in January 2021, subject to certain closing
conditions.
OLI was founded in 1961 by Archie O’Leary. In
1979, Archie’s son Anthony O’Leary joined the firm, and it has
remained a family run business for the past 59 years. Under
Anthony’s leadership, OLI has grown to become Ireland’s largest
independently owned brokerage with over 200 employees operating
from eight locations, including Cork, Dublin, Galway and Waterford.
The OLI team specializes in providing a high level of customer
service for commercial and personal insurance needs throughout
Ireland and abroad. OLI’s Quality Management System empowers each
office and each individual employee to ensure all customer
requirements are met. The OLI team will continue to operate from
their current locations under the leadership of Anthony O’Leary,
Diarmuid Nolan, Brian Lennon, Michael Tarpey and Rossa Williams.
OLI will report to Barrett Brown, President of Brown & Brown
Retail.
Barrett Brown stated, “We are extremely pleased
with the relationship we have developed with Anthony and Diarmuid
while considering joining with the O’Leary Insurances team to
establish Brown & Brown’s flagship in Ireland. Like Brown &
Brown, O’Leary Insurances grew from a family owned business to a
leader in the Irish brokerage market by empowering its teammates to
succeed. We are fully confident that we share with OLI the same
culture of customer focus by providing unique risk solutions that
meet each customer’s needs. I am excited about our future in
Ireland and beyond with Anthony, Diarmuid and the O’Leary
Insurances team.”
Anthony O’Leary stated, “We are delighted to
join the Brown & Brown group of companies and view this
progression as a huge positive for both the O’Leary Insurances team
and our valued customers. We view Brown & Brown’s choice of an
Irish company as their European gateway to be a strong endorsement
of this country, and O'Leary Insurances are delighted to join an
organisation whose culture and values are so similar to our own in
so many respects. We are particularly pleased to bring the strength
and experience of one of the world's largest insurance brokers to
the Irish market and are confident that this will be of immense
benefit to all in the years ahead.”
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)
239-7550
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