Brown & Brown, Inc. Announces the Asset Acquisition of The Rollins Agency, Inc.
DAYTONA BEACH, FL and TAMPA, FL -- (Marketwired) -- 06/10/13 -- Charles H. Lydecker, Retail Division President of Brown & Brown, Inc. (NYSE: BRO), and Anthony M. ("Tony") Grippa, Regional Vice President of Brown & Brown, Inc., together with Markham ("Mark") F. Rollins, III, Charles ("Chuck") J. Rollins, and John P. Moccia, the principals of The Rollins Agency, Inc., today announced that Brown & Brown of New York, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of The Rollins Agency.
With roots dating from 1910, The Rollins Agency provides a wide range of insurance products and services to clients in Westchester County, New York and throughout the Connecticut, New Jersey, and New York tri-state area. The company has annual revenues of approximately $5.5 million. As part of the transaction, Brown & Brown of New York's existing White Plains, New York office will re-locate to The Rollins Agency's existing office in Rye Brook, New York. The combined office will operate under the leadership of Mark Rollins.
Mr. Grippa, who oversees certain of Brown & Brown of New York's retail operations, stated, "The members of our existing White Plains team are very excited to join forces with The Rollins Agency, one of the premier insurance agencies in the tri-state region. For more than 100 years, The Rollins Agency has fostered a distinctive approach to providing outstanding customer service and has cultivated a remarkable commitment to the local community. We are enthusiastic about the ability of Mark, Chuck, and our new combined team to grow our footprint in the state of New York and beyond."
Mark Rollins stated, "Our new relationship with Brown & Brown (BRO) gives us the ability to expand our capabilities in risk management and enhance client service. One of the driving factors for joining Brown & Brown was the encouragement from Brown & Brown to continue what we have been doing for the past 103 years. Our trusted team, including Chuck and John, will continue our commitment to providing the highest professional standards, and we look forward to working with the rest of the Brown & Brown family of companies and team members."
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.