Brown & Brown, Inc. Announces the Asset Acquisition of Berry Insurance Group
January 04 2021 - 6:45AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Mark Berry, the owner of Berry Insurance
Group, today announced that Brown & Brown of Ohio, LLC, a
subsidiary of Brown & Brown, Inc., has acquired substantially
all of the assets of Berry Insurance Group.
Founded in 2002 by Mark Berry, Berry Insurance
Group has grown to one of the most prominent insurance brokerage
agencies in the Ohio, providing commercial and personal insurance
products for business and individual customers throughout the
Cincinnati tri-state area. Mark Berry will continue to lead the
Berry Insurance Group team operating from their offices in Terrace
Park and Lebanon, Ohio. Mark will report to Tommy Huval, Regional
President of Brown & Brown Retail.
Tommy Huval stated, “Mark and his fantastic team
have built an agency that puts the customer first while
contributing to the community in which they live and work. Berry
Insurance Group embodies the same culture and focus on insurance
solutions that drives Brown & Brown. We are excited to join
forces with Mark and the Berry team and know that they will provide
a solid base for us to continue the growth of our retail presence
in Ohio and surrounding areas.”
Mark Berry stated, “In looking for a partner to
take Berry Insurance Group to the next level, I was focused on
cultural fit, resources to better serve the risk management needs
of our customers and an opportunity for our team to be the
foundation for a broader presence in the Ohio market. In Brown
& Brown, we have found that partner. I am excited for the
future opportunities for the Berry Insurance Group team, our
customers and carrier partners.”
Brown & Brown, Inc. is a leading insurance
brokerage firm, providing risk management solutions to individuals
and businesses. With more than 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 Watts Chief Financial Officer (386)
239-5770
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