DAYTONA BEACH, Fla.--(BUSINESS WIRE)--Jan. 12, 2016--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160112006639/en/
Source: Brown & Brown, Inc.
Brown & Brown, Inc.
Matthew M. Sitzmann, 510-452-0458
SML
Profit Center Leader
