Brown & Brown, Inc. Announces the Acquisition of Heacock Insurance Group

Rhea-AI Summary

Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of Heacock Insurance, a family-owned agency operating since 1922 in central Florida. The acquisition aims to enhance Brown & Brown's regional service capabilities while maintaining the Heacock Insurance team's leadership under Stacey Heacock Weeks. This partnership reflects shared values centered on customer service and family, boosting the future potential for both firms as they leverage their combined expertise in risk management solutions.

Positive

• Acquisition of Heacock Insurance enhances regional service capabilities.
• Continued leadership of Heacock team under Stacey Heacock Weeks ensures stability.
• Alignment of customer-focused values between Brown & Brown and Heacock Insurance.

Negative

• None.

DAYTONA BEACH, Fla., Nov. 12, 2021 (GLOBE NEWSWIRE) -- J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. (NYSE:BRO), and Stacey Heacock Weeks, Jason Heacock and Ford Heacock, III the principals of Heacock Insurance Group, Inc. (“Heacock Insurance”), today announced that Brown & Brown has acquired the assets of Heacock Insurance.

Heacock Insurance is a fifth-generation, family-owned agency providing risk management solutions for its central Florida customers since 1922. As a trusted member of the Lakeland/Sebring community for almost a century, Heacock Insurance today delivers innovative insurance advice for both individual and business customers. The Heacock Insurance team will continue to operate from their offices in Lakeland and Sebring under the leadership of Stacey Heacock Weeks.

Mike Keeby, regional president for Brown & Brown, stated, “The Heacock name has been synonymous with professional integrity and personal service in the greater Lakeland and Sebring area for 100 years. Brown & Brown shares the same customer-focused values with the Heacock family and team. We are excited about our future in central Florida with the addition of Heacock Insurance to our Brown & Brown team.”

Ford Heacock, III commented, “As a family-owned business, over the past 50 years, I have had the good fortune to work with my grandfather, father, uncle, cousins, brothers and my daughter in Heacock Insurance. I am equally pleased to ensure the future of Heacock Insurance through our new partnership with Brown & Brown.”

Jason Heacock added, “In exploring our options for partners, the culture of Brown & Brown as a business that believes strongly in family values was a perfect fit for our family and team.”

Stacey Heacock Weeks said, “As now the fifth-generation member of the Heacock family to run Heacock Insurance, providing opportunities for our entire team remains a primary concern for me. I am excited to have the support of Brown & Brown behind me as I lead our team members into our second century.”

About Brown & Brown, Inc.

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 11,000 teammates in more than 300 locations across the U.S. and select global markets, we are committed to providing innovative strategies to help protect what our customers value most. For more information, please visit 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.

For more information:

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

FAQ

What is the significance of Brown & Brown's acquisition of Heacock Insurance?

The acquisition strengthens Brown & Brown's service capabilities in central Florida and maintains the leadership of the Heacock team.

When was the acquisition of Heacock Insurance announced?

The acquisition was announced on November 12, 2021.

How long has Heacock Insurance been in operation?

Heacock Insurance has been providing services since 1922.

What does the acquisition of Heacock Insurance mean for Brown & Brown's future?

It potentially expands their market presence and enhances their customer service offerings.

Who will lead Heacock Insurance after the acquisition?

Stacey Heacock Weeks will continue to lead Heacock Insurance post-acquisition.