Steve Wevodau Brown & Brown
Brown & Brown, Inc. Announces the Asset Acquisition of One Source Insurance, Inc.
Posted by Steven Wevodau
Mr. Penny, who is responsible for Brown & Brown’s Midwestern retail operations, commented, “The employee benefits arena is expanding and, as the recently passed stimulus bill shows, growing more and more complex. We are excited to have John and his team join us and further deepen our employee benefits expertise.”
Brown & Brown, Inc. and its subsidiaries offer 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 seventh largest independent insurance intermediary in the United States. 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, including those associated with this acquisition. These statements are not historical facts, but instead represent only the Company’s current 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 and condition, as well as its other achievements, 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 made herein are made only as of the date of this 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 hereafter becomes aware.
Contact:
Contact:
Cory T. Walker
Chief Financial Officer
(386) 239-7250
Source: Brown & Brown, Inc.
Brown & Brown, Inc. (BRO): Zacks Rank Buy - posted by Steven Wevodau
By Alex Kolb
Company Description
Brown & Brown, Inc. and its subsidiaries offer 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.
The company services business, public entity, individual, trade and professional association clients nationwide.
BRO is ranked by Business Insurance magazine as the seventh largest independent insurance intermediary in the United States.
Competitive Income for Shareholders
The company recently declared a regular quarterly cash dividend of 75 cents per share. The dividend is payable on February 18 to shareholders of record on February 4. BRO’s dividend represents a 7% increase that occurred in October.
Brown & Brown’s dividend yield of 1.5% is better than the industry average of 0.8%.
Recent Acquisition
The company recently announced its acquisition of the small business insurance unit of Conner Strong Companies, Inc.
Several Asset Acquisitions
Brown & Brown recently acquired assets from Preferred Insurance Services, Baker, Thomsen Associates Insurance Services and Gallagher Associates to name a few.
Strong Fundamentals
The company carries little debt and offers a return on equity (ROE) of 14%, compared to the industry average of 12%. BRO’s net profit margin of 14% tops the industry average of 10%. The company’s earnings per share expected to grow about 15% over the next 3 - 5 years, versus the industry average of 12%.
Brown & Brown is scheduled to release results for the fourth quarter on February 6.
Brown & Brown looks west for growth - Steven Wevodau
Brown & Brown Inc. has added two more agencies, both in the western part of the country.
It acquired the assets of Baker Thomsen Associated Insurance Services in Newport Beach, Calif. and Preferred Insurance Services LLC in Phoenix, Ariz.
Baker has about $1.4 million in revenue and focuses on employee benefits for medium and large businesses in Southern California and throughout the country. It will combine its agency operations with Brown & Brown’s existing Orange, Calif. office led by Tim Casey.
Preferred has approximately $1.3 million in annual revenue and concentrates on property and casualty insurance and benefits insurance primarily in Phoenix. It will combine its office with the existing Brown & Brown Phoenix office under John Slater.
Brown & Brown (NYSE: BRO), headquartered in Tampa and Daytona Beach, and its subsidiaries offer a 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.
Brown & Brown, Inc. Announces the Asset Acquisition of Gallagher Associates, Inc.
POSTED BY STEVEN WEVODAU
Mr. Riley commented, “Jack Gallagher, Jack Corbett and their staff are a fantastic addition to our northeastern presence. This combination of insurance professionals will enable us to enhance our operations and provide new resources and service capabilities for our clients in the Northeastern region of the United States.”
Brown & Brown, Inc. and its subsidiaries offer 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 seventh largest independent insurance intermediary in the United States. 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, including those associated with this acquisition. These statements are not historical facts, but instead represent only the Company’s current 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 and condition, as well as its other achievements, 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 made herein are made only as of the date of this 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 hereafter becomes aware.
Contact:
Contact:
Cory T. Walker
Chief Financial Officer
(386) 239-7250
Source: Brown & Brown, Inc.
Brown & Brown, Inc. Announces the Asset Acquisition of Stewart & Tunno Insurance Agency, Inc. - Steven Wevodau
DAYTONA BEACH, FL and TAMPA, FL, December 8 / MARKET WIRE/ –
Michael A. Paschke, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Eleanor M. Procter, Ronald Manza and Colleen J. Thomas, the shareholders of Stewart & Tunno Insurance Agency, Inc. of Portland, Oregon, announce the asset acquisition of Stewart & Tunno Insurance Agency, Inc. by a subsidiary of Brown & Brown, Inc.
Stewart & Tunno Insurance Agency, Inc., with annualized revenues of approximately $1.8 million, focuses on property & casualty insurance for individuals and businesses in Portland, Oregon and throughout the United States. Eleanor Procter, Ronald J. Manza, Colleen Thomas and their staff will combine their operations with those of Brown & Brown’s existing Portland office, under the leadership of Tim Nielsen.
Mr. Paschke stated, “We are extremely pleased to add Eleanor, Ronald, Colleen and their staff to our growing presence in Oregon. This team of talented insurance professionals will provide us with new resources and services capabilities for our clients in the Pacific Northwest.”
Brown & Brown, Inc. and its subsidiaries offer 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 seventh largest independent insurance intermediary in the United States. 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, including those associated with this acquisition. These statements are not historical facts, but instead represent only the Company’s current 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 and condition, as well as its other achievements, 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 made herein are made only as of the date of this 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 hereafter becomes aware.
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