Brown & Brown, Inc. Announces the Asset Acquisition of RV America Insurance Marketing, Inc. and Let's Talk Insurance Inc.
DAYTONA BEACH, FL and TAMPA, FL -- (Marketwire) -- 12/07/12 -- J. Scott Penny, Regional President and Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), together with Steven ("Steve") E. Freedman, the principal of RV America Insurance Marketing, Inc. and Let's Talk Insurance Inc. (collectively, "RV America"), today announced that Brown & Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of RV America.
Founded in 1999, RV America primarily provides personal lines property and casualty insurance products for recreational vehicles, including RVs, trailers, boats, motorcycles and other power sport vehicles. The company also provides other types of personal lines insurance coverage through its affiliate, Let's Talk Insurance. RV America has combined annual revenues of approximately $3.7 million. As part of this transaction, RV America's operations will operate as a branch location of Brown & Brown of Kentucky's existing Columbia, Kentucky profit center under the leadership of Mike Neal. The Columbia, Kentucky profit center presently specializes in providing property and casualty and employee benefits insurance products and services to RV, auto, watercraft and personal power sport dealers throughout the United States. Steve Freedman and his team will continue to operate from their existing Simi Valley, California location.
Mr. Penny, who is responsible for Brown & Brown of Kentucky's retail operations, stated, "Steve Freedman and his team have used their expertise, experience, and relationships to build one of the nation's premier firms offering personal lines insurance coverage for RVs and other recreational, marine and power sport vehicles and equipment. This transaction allows us to combine our existing offerings to the Recreational Vehicle and Power Sport Dealership industries with personal lines offerings for the consumers of such products. It provides an exciting vertical synergy for us in this industry."
Mr. Freedman stated, "We at RV America are very excited to become part of the Brown & Brown (BRO) team. We pride ourselves on ensuring continued customer satisfaction coupled with intensive knowledge of personal lines insurance coverages, values that are encouraged and exhibited by Brown & Brown. We look forward to a very prosperous relationship providing the exemplary services that have come to be expected from RV America and Brown & Brown."
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.
Cory T. Walker Chief Financial Officer (386) 239-7250
Source: Brown & Brown, Inc.