Brown & Brown, Inc. Announces the Asset Acquisition of FNI Management Group
October 08 2018 - 6:55AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and Howard Brinn and Mike Mitchell, the principals
of FNI Management Group (“FNI”), today announced that Brown &
Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc.,
has acquired substantially all of the assets of FNI.
With over 60 years of combined experience,
Howard Brinn and Mike Mitchell have served their dealer clients by
providing F&I products and training to enhance dealer financial
performance in the Chicagoland market. FNI has annual revenues of
approximately $1.5 million. Howard and Mike will become part of the
Brown & Brown auto, RV and powersports practice, working with
the Automotive Development Group team. The entire practice operates
under the leadership of Mike Neal, President of Brown & Brown
of Kentucky, Inc.
Mike Neal stated, “Howard and Mike have a wealth
of experience in the automotive dealership market in the greater
Chicago area. We believe that their F&I experience will further
strengthen our Midwest presence when coupled with Joel Kansanback,
Bill Kelly and the recently acquired Automotive Development Group
team.”
Howard Brinn stated, “I am extremely excited to
be joining a world class organization. Mike and I feel that
combining our efforts and experience with Brown &
Brown-Automotive Development Group will allow us to enhance our
service to our dealer partners and continue to grow.”
Brown & Brown, Inc., through its
subsidiaries, offers a broad range of insurance 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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