SOURCE: Brown & Brown, Inc.

Brown & Brown

June 16, 2015 18:00 ET

Brown & Brown, Inc. Enters Into Agreement to Acquire Assets of Fitness Insurance, LLC

DAYTONA BEACH, FL--(Marketwired - June 16, 2015) - J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Randy Schumacher and Kara Schumacher, the controlling members of Fitness Insurance, LLC ("Fitness Insurance"), today announced the acquisition of certain assets of Fitness Insurance by Brown & Brown of Colorado, Inc., a subsidiary of Brown & Brown, Inc.

Fitness Insurance was founded by Randy and Kara Schumacher in 2007 to provide insurance products targeted to the health club fitness industry. Fitness Insurance has annual revenues of approximately $3.2 million. Randy and Kara will continue to the lead the operations out of the offices of Brown & Brown of Colorado in Denver, Colorado.

John Esposito, President of Brown & Brown of Colorado, stated, "Randy and Kara have leveraged their thirty years of experience in providing for the insurance needs of the fitness club industry to build an impressive agency that is well respected by the industry and valued by its carrier partners. We are enthusiastic about the future with the Fitness Insurance team joining our Denver Brown & Brown team."

Randy Schumacher stated, "Kara and I are extremely excited to be joining the Brown & Brown team and look forward to a very productive and fulfilling relationship. We believe the resources of Brown & Brown provide an opportunity to become a more dominant force in the fitness insurance industry."

Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance 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. Fitness Insurance's current operations can be reviewed at their web address located at http://www.fitnessinsurance.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) 239-7550