Brown & Brown, Inc. Announces the Asset Acquisition of Amity Insurance Agency

Rhea-AI Summary

Brown & Brown, Inc. (NYSE:BRO) has acquired Amity Insurance Agency, significantly enhancing its New England operations. Founded in 1978, Amity specializes in risk management solutions for various industries and offers personal insurance services. The acquisition, announced by J. Scott Penny and Amity’s principals, is expected to leverage Brown & Brown’s resources and improve service to clients. Amity will continue its operations from Quincy, Massachusetts. This move aligns with Brown & Brown’s strategy to expand its market presence and enhance its service offerings.

Positive

• Acquisition of Amity Insurance strengthens Brown & Brown's New England operations.
• Amity's strong reputation for risk management enhances Brown & Brown's service capabilities.
• The integration provides access to a broader range of insurance products.

Negative

• None.

DAYTONA BEACH, Fla., Aug. 17, 2020 (GLOBE NEWSWIRE) -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Justin T. Kesner and Jonathan A. Lanza, the principals of Amity Insurance Agency, Inc., today announced that Brown & Brown of Massachusetts, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Amity Insurance Agency.

Amity Insurance was founded in 1978 and offers a wide spectrum of insurance products and services, specializing in risk management solutions for customers in the legal, parking, transportation, and construction industries. The firm also provides a variety of personal lines insurance products and services to individuals throughout New England. Following the transaction, the Amity team will continue operating from their existing office in Quincy, Massachusetts, under the direction of Justin Kesner.

Donald M. McGowan, a Regional President in Brown & Brown’s Retail Segment, stated, “This transaction allows us to add a number of high-quality leaders and teammates to our growing New England operations. Amity has a reputation for combining creativity and expertise to meet the risk management needs of its customers, and we are excited they’ve chosen to take their next step with us.”

Justin Kesner commented, "Brown & Brown is a team of long-term strategists. Alignment in long-term thinking is hard to find in a partner, and we were excited to learn we share this view. We believe Brown & Brown’s deep resources, technology, collaboration, and operational experience can greatly accelerate Amity's growth and our ability to service our current and future clients. To join Brown & Brown’s premier network is an extraordinary opportunity for our teammates and clients, and we're thrilled." 

Jonathan Lanza stated, “We share Brown & Brown’s commitment to superior customer service, quality insurance products, innovation, and integrity. We are very pleased about what this opportunity means for our team and our clients. With Brown & Brown, we will continue to provide Amity’s personal customer service and expertise while providing our commercial and individual clients with an even broader range of property and casualty and professional liability insurance protection, as well as robust employee benefits products and services."

Brown & Brown, Inc. is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service. For more information, please visit 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.

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

FAQ

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

The acquisition strengthens Brown & Brown's operations in New England and expands its service offerings.

When was the acquisition of Amity Insurance Agency announced?

The acquisition was announced on August 17, 2020.

What specialties does Amity Insurance Agency focus on?

Amity specializes in risk management solutions for the legal, parking, transportation, and construction industries.

What are the expected benefits of the acquisition for clients?

Clients can expect enhanced services and a broader range of insurance products and employee benefits.

Who are the key figures involved in the acquisition announcement?

The acquisition was announced by J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, and Amity's principals Justin T. Kesner and Jonathan A. Lanza.