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Brown & Brown, Inc. Announces the Asset Acquisition of Agency Management Corporation and Recreation Protection Management, Inc.
|By Marketwired .
|May 12, 2014 06:00 PM EDT
DAYTONA BEACH, FL and TAMPA, FL--(Marketwired - May 12, 2014) - J. Scott Penny, Regional President and Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Clay S. Purton, the sole shareholder of Agency Management Corporation (AMC) and Recreational Protection Management, Inc. (RPI), today announced that Brown & Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of AMC and RPI.
Founded in 1987, AMC provides extended vehicle service contracts, appearance protection, gap protection, roadside assistance protection, tire/wheel protection, and other similar products to RV dealerships and their customers throughout the southeastern United States. RPI, an affiliate of AMC, was founded in 2011 and offers personal lines property and casualty insurance products and services for recreational vehicles, including RVs, boats, motorcycles and other power sport vehicles. AMC and RPI have combined annual net revenues of approximately $1.6 million.
Following the transaction, Clay Purton and the rest of the AMC and RPI team will join Brown & Brown of Kentucky's branch location in Tampa, Florida. The combined office, which serves as Brown & Brown of Kentucky's National RV Center, is based in Columbia, Kentucky and also has locations in Simi Valley, California and Albany, New York. The National RV Center operates under the leadership of Mike Neal, Executive Vice President of Brown & Brown of Kentucky.
Mr. Neal stated, "AMC and RPI have established long-standing and effective relationships with their dealer partners by providing exceptional service and innovative solutions. We believe this transaction allows us to broaden and strengthen the National RV Center's operations throughout the Southeast and nationwide. We are very excited that Clay Purton and his staff have chosen to join the Brown & Brown team."
"A fantastic opportunity arose to combine AMC's talents with Brown & Brown's resources to further strengthen our relationships and presence in the rapidly expanding recreational vehicle marketplace," said Mr. Purton. "This acquisition allows us to make additional product offerings to offer our dealer base, such as garage liability and employee benefits, while continuing to offer excellent customer service," he added.
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.
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