SOURCE: Brown & Brown, Inc.
DAYTONA BEACH, FL and TAMPA, FL--(Marketwired - Dec 11, 2013) - J. Scott Penny, Regional President and Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), together with Rick Roesel, the principal of Agency Services Consolidated, Inc. and Preserve Extended Protection Plan, Inc. (collectively, "Agency Services"), today announced that Brown & Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Agency Services.
Founded in 1991, Agency Services Consolidated provides warranty and related protection products to auto dealerships in Ohio, Indiana, Kentucky and West Virginia. Preserve Extended Protection Plan was established as a managing general agent for a national extended warranty program for the RV industry. Agency Services Consolidated and Preserve Extended Protection Plan have combined annual revenues of approximately $2.1 million. As part of this transaction, the operations of Agency Services will combine with the recently acquired assets of O'Neil Financial Services and operate as a new branch location of Brown & Brown's recreational vehicle and auto division under the leadership of Mike Neal.
Tommy Huval, President of Brown & Brown of Kentucky, stated, "Rick Roesel has developed an industry leading agency in his 30 year career in the auto warranty and protection product space. The acquisition of Agency Services, together with our acquisition of O'Neil Financial Services Agency, will enable Brown & Brown's recreational vehicle and auto division to expand services and products to its nationwide network of dealership clients. In addition, the assets of Preserve Extended Protection Plan will further enhance our growing national position in the RV warranty arena. We look forward to the contributions of Rick and his team will bring to Brown & Brown."
Rick Roesel stated, "I am looking forward to being part of the Brown & Brown team and appreciate the strength and presence it provides. This, combined with reuniting with the talent and experience of Tom O'Neil, gives us the opportunity to grow Brown & Brown's presence in our industry in ways we wouldn't have accomplished individually."
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' seventh 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.