Brown & Brown, Inc. Announces the Asset Acquisition of BayRisk Insurance Brokers, Inc.
January 12 2016 - 9:24PM
Business Wire
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Denton L. Christner, H. Scott Kerns, and Kevin
M. Milroy, the principals of BayRisk Insurance Brokers, Inc., today
announced that Brown & Brown Insurance Services of California,
Inc., a subsidiary of Brown & Brown, Inc., has acquired certain
assets of BayRisk.
With roots dating back to 1935, BayRisk provides a wide range of
property and casualty insurance products and services, including
specialty programs for mobile food service vendors, restaurants,
technology companies, apartments and recreational marine, to
clients throughout California. The company has annual revenues of
approximately $2.5 million. Following the transaction, the BayRisk
team will relocate to Brown & Brown’s existing Lafayette,
California office, a branch location of Brown & Brown’s
“Sitzmann Morris & Lavis” (SML) profit center. The combined
operations will operate under the leadership of Matthew M.
Sitzmann, Executive Vice President of Brown & Brown Insurance
Services of California.
Charles H. Lydecker, who oversees Brown & Brown’s retail
offices in California, stated, “We are extremely impressed with
BayRisk’s significant history in the San Francisco Bay area, its
commitment to community outreach and involvement, and its proven
system of delivering top-notch service and solutions to its
clients. This transaction allows us to strengthen our California
presence and adds a number of innovative insurance programs to our
menu of products. We are pleased to welcome the BayRisk team to our
Brown & Brown family.”
Kevin Milroy commented, "The team at BayRisk is excited to
partner with Brown & Brown. We share the common objective of
working diligently for each customer, and ensuring outstanding
results and lasting relationships. We welcome their talent and
resources, and look forward to growing with the exceptional
leadership at Brown & Brown and its SML operations.”
Brown & Brown, Inc., through its subsidiaries, offers a
broad range of insurance 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160112006639/en/
Brown & Brown, Inc.Matthew M. Sitzmann, 510-452-0458SML
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