(Ft. Lauderdale, Florida) . . . Robert L. "Bob" McGrew, Senior Vice President - Branch Operations of Hull & Company, Inc. (Hull), and Jerome C. "Jerry" Boyer, President of Excess and Surplus Lines Insurance Brokers, Inc. (ESLIB), located in Sherman Oaks, California and with revenue of approximately $2,000,000, today announced the asset acquisition of ESLIB by Hull.
"This is a great acquisition for us as it gives us, after almost 40 years in California, an important physical presence in Los Angeles County from which to introduce our products and service to that critical market," says Mr. McGrew. Mr. Boyer adds, "Hull gives us an impressive array of resources and a long-term platform from which to serve our customers and support our talented staff."
Boyer and his staff will continue to operate from their Sherman Oaks, California location and will immediately adopt the Hull & Company, Inc. name.
This acquisition compliments Hull's long-time operations in Newport Beach and Stockton, California, and positions Hull to become one of the largest wholesalers in California, with gross premiums exceeding $100,000,000 in that state. Mr. Boyer will report directly to Bob McGrew, who further notes, "Jerry and his team do a great job and we're thrilled to be able to offer our services to agents and brokers in L.A. County."
Hull & Company, Inc. is a wholly-owned subsidiary of Brown & Brown, Inc. (NYSE:BRO), offering a broad range of insurance and reinsurance products and services, as well as risk management, third party administration, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. The Company's Web address is www.bbinsurance.com.
This press release may contain certain statements relating to future results which are forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company'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 the Company and its business, including factors that potentially could materially affect the Company's financial results, are contained in the Company's filings with the Securities and Exchange Commission. Some 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, material adverse changes in the customers of the company whose operations are being acquired and material adverse changes in the business and financial condition of either or both companies and their respective customers. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company 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 the Company thereafter becomes aware.
Contact:
Robert L. McGrew
Senior Vice President
Branch Operations
(800) 678-4855
Source:
Brown & Brown, Inc.