Brown & Brown, Inc. announces the asset acquisition of Sudler Insurance Services, Inc.
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of Sudler Insurance Services, a provider of employee benefits, effective August 13, 2021. Founded in 1995, Sudler Insurance Services operates in Florida, Michigan, and South Carolina. Post-acquisition, founder Bob Sudler will join Brown & Brown's Ft. Lauderdale team. This strategic move aims to leverage Brown & Brown’s national presence to enhance service offerings and competitive rates for customers. The integration is expected to contribute positively to Brown & Brown's growth trajectory.
- Acquisition of Sudler Insurance Services enhances Brown & Brown's employee benefits offerings.
- Increased market presence in Florida, Michigan, and South Carolina.
- Collaboration with Bob Sudler’s expertise may lead to growth in customer base and services.
- Potential integration challenges could affect operational efficiency.
- Forward-looking statements indicate uncertainties regarding future financial performance.
DAYTONA BEACH, Fla., Aug. 13, 2021 (GLOBE NEWSWIRE) -- J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. (NYSE:BRO), and Robert (“Bob”) A. Sudler, the sole shareholder of Sudler Insurance Services, Inc., today announced that Brown & Brown of Florida, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Sudler Insurance Services.
Founded in 1995 by Bob Sudler, Sudler Insurance Services offers employee benefits products and services to customers throughout Florida, Michigan and South Carolina. Following the acquisition, Bob Sudler will operate from Brown & Brown’s retail office in Ft. Lauderdale, Florida, under the leadership of Mike Gorham.
Mike Keeby, a regional president in Brown & Brown’s Retail segment who oversees various offices in Florida and the Southeast, stated, “Bob Sudler brings an impressive level of employee benefits experience to our South Florida team. We are excited to welcome him aboard and look forward to growing together in the future.”
Sudler stated, “I am very excited to partner with Brown & Brown’s broker team and to leverage their tremendous presence throughout the country. Together, we look forward to assisting our customers in finding comprehensive coverage at the most competitive rates.”
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 more than 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
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