Brown & Brown, Inc. Announces the Asset Acquisition of Vandroff Insurance Agency, Inc.
September 18 2018 - 5:50AM
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown,
Inc. (NYSE:BRO), and David Vandroff, the sole shareholder of
Vandroff Insurance, today announced that Brown & Brown of
Florida, Inc., a subsidiary of Brown & Brown, Inc., has
acquired substantially all of the assets of Vandroff Insurance
Agency, Inc. (“Vandroff Insurance”).
Vandroff Insurance is a 120-year old family
owned agency in Jacksonville. Today, Vandroff Insurance
provides a wide variety of personal and business insurance products
and services to clients in Jacksonville and Northern Florida and
has annual revenue of approximately $1,000,000. David
Vandroff and his team will join Brown & Brown’s Jacksonville,
Florida office, led by Josh Becksmith and reporting to Michael
Keeby, Regional President of Brown & Brown Retail.
Josh Becksmith stated, “Vandroff Insurance has
been a fixture in Jacksonville for over a century. David has
carried the legacy of the firm since 1983. We are excited
about the opportunities of joining the experience of the Vandroff
team with our team in Jacksonville.”
David Vandroff stated, “Team Vandroff is excited
with the opportunity of working with one of the most respected
firms in the insurance industry. The additional resources and
expertise available through Brown & Brown will be a big benefit
to all of our clients.”
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
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From Apr 2024 to May 2024
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From May 2023 to May 2024