SOURCE: Brown & Brown, Inc.

Brown & Brown

August 13, 2015 18:30 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Waymark Insurance Services and Its Affiliates

DAYTONA BEACH, FL--(Marketwired - August 13, 2015) - J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and David G. Kreeft, Kelly E. LeGrow, and Lori Wilkinson, the principals of Kreeft & LeGrow d/b/a Waymark Insurance Services; Distinct Benefit Solutions, LLC; Waymark Advantage LLC; Waymark, LLC; and Strategic Development, Inc. (collectively, "Waymark"), today announced that Brown & Brown Insurance of Nevada, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Waymark.

With roots dating back to 1999, Waymark has annual revenues of approximately $1.3 million. The firm specializes in providing employee benefits products and services, including discount health and lifestyle benefit programs and consulting services, to clients in Nevada and various other states within the United States. Following the transaction, the Waymark team will re-locate to Brown & Brown of Nevada's existing Las Vegas, Nevada office and will operate under the leadership of Brian W. Cruden.

Mr. Cruden, Executive Vice President of Brown & Brown Insurance of Nevada, stated, "Waymark has a stellar reputation with deep roots in our community. We are proud to have such a high-quality operation joining the Brown & Brown team here in Nevada."

Kelly E. LeGrow, Managing Member of Waymark, commented, "We are honored to be joining forces with such a respected and prestigious firm as Brown & Brown. This move not only allows us to increase services and support to our existing clients, but provides us an expanded platform to deliver our cutting-edge products and programming to current Brown & Brown clients. This is an exciting chapter, and we are looking forward to a successful partnership together."

Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance 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.

Contact Information

  • R. Andrew Watts
    Chief Financial Officer
    (386) 239-5770