SOURCE: Brown & Brown, Inc.

Brown & Brown

December 22, 2014 17:20 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Global Benefit Strategies

DAYTONA BEACH, FL--(Marketwired - December 22, 2014) - J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Douglas ("Doug") A. Pridgen, the principal of Aether Consulting Group LLC d/b/a Global Benefit Strategies, today announced that Brown & Brown Metro, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Global Benefit Strategies.

Global Benefit Strategies was founded by Doug Pridgen and specializes in providing employee benefits insurance products and services. The company has annual revenues of approximately $1.1 million. As part of the transaction, Doug and his team will join Brown & Brown Metro's existing Florham Park, New Jersey location under the leadership of Ty Beba. 

Mr. Beba stated, "Doug Pridgen has built Global Benefit Strategies on the premise of providing exemplary service to its employee benefits clients. This acquisition enables us to continue growing our retail presence in New Jersey and throughout the Northeast. We are excited that Doug has decided to join the Brown & Brown team."

Mr. Pridgen added, "We are delighted to be joining such a fine organization as Brown & Brown and look forward to sharing the vast new resources we will have access to with our existing clients as we continue to help them navigate the ever changing and ever challenging employee benefits landscape."

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.

Contact Information

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