Brown & Brown, Inc. announces the asset acquisition of AGIS Network, Inc.
Brown & Brown, Inc. (NYSE:BRO) has successfully acquired substantially all assets of AGIS Network, Inc., a prominent employee benefits enrollment firm specializing in long-term care options. This acquisition aims to enhance Brown & Brown's value proposition for its employee benefits customers. AGIS's innovative technology solutions will streamline enrollment processes, supporting large employers and governmental agencies nationwide. AGIS will continue operations under its founder, Kevin Sypniewski, from California, further strengthening Brown & Brown’s capabilities in the evolving long-term care market.
- Acquisition of AGIS Network enhances employee benefits offerings.
- AGIS brings unique technology solutions for long-term care enrollment.
- Strategic alignment with Brown & Brown's existing value proposition.
- Integration challenges may arise post-acquisition.
- Dependence on successful assimilation of AGIS's operations.
DAYTONA BEACH, Fla., Sept. 20, 2021 (GLOBE NEWSWIRE) -- J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. (NYSE:BRO), and Kevin Sypniewski, founder and president of AGIS Network, Inc., today announced that Brown & Brown has acquired substantially all of the assets of AGIS.
AGIS Network is a leading employee benefits enrollment firm with a focus on long-term care benefits options for large employer groups, governmental agencies and individual consumers across the nation. AGIS has developed technology solutions to allow individuals to review financial options for long-term care products more efficiently and complete the enrollment process. AGIS will continue to collaborate with brokers across the country and operate under the leadership of Kevin Sypniewski from offices in San Ramon, California.
Paul Rogers, senior vice president for Brown & Brown National Employee Benefits, stated, “The AGIS acquisition is an excellent complement to our existing value proposition that focuses on specialization to deliver extraordinary value to our employee benefits customers. AGIS Network will bring additional unique capabilities to service an ever-changing long-term care marketplace. We are excited to add Kevin and the AGIS team to Brown & Brown National Employee Benefits.”
Kevin Sypniewski, founder of AGIS, stated, “Joining Brown & Brown will allow us to further accelerate the depth and breadth of our capabilities and ever-evolving needs of our customers. We feel that our approach to long-term care and consulting is highly aligned with the value and mission of Brown & Brown National Employee Benefits.”
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
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