Press Release: Brown & Brown, Inc. Announces the Asset Acquisition of Tricoast Insurance Services, LLC
R. Andrew Watts, CFO
(Daytona Beach, Florida) . . . J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Craig Justice, the principal of TriCoast Insurance Services, LLC (“TriCoast Insurance”), today announced that Arrowhead General Insurance Agency, Inc.(“Arrowhead”), a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of TriCoast Insurance.
TriCoast Insurance provides access to earthquake and hurricane insurance products to agents and insureds. The agency has annual net revenues of approximately $2.4 million. The TriCoast Insurance assets will become a part of Arrowhead, operating under the direction of Steve Bouker, Executive Vice President of Arrowhead. Craig Justice will continue to partner with Arrowhead to bring specialty catastrophe insurance products and other Arrowhead products to agents and insureds.
Steve Bouker stated, “Craig’s extensive experience in the earthquake and hurricane insurance space was invaluable in the development and marketing of new products. We look forward to further expanding our product offerings and Craig’s continued partnership with Arrowhead”.
Craig Justice stated, “Arrowhead’s backing and support allowed me to leverage my contacts and experience to deliver high quality products and services to agents and insureds. I look forward to my continuing relationship with Arrowhead and new opportunities for my valued clients.”
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance 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.