Brown & Brown, Inc. announces the stock acquisition of Remedy Analytics, Inc.

Rhea-AI Summary

Brown & Brown, Inc. (NYSE: BRO) has completed the acquisition of Remedy Analytics Inc., a pharmacy consulting service provider. Founded in 2011, Remedy Analytics leverages its PharmaLogic^® platform to help large employers manage medication costs. Post-acquisition, Remedy's team will operate from Milwaukee under COO Jennifer Hill's leadership, while Scott Martin retains a consultant role. Leaders from both companies anticipate enhanced value for customers through improved resources and collaboration.

Positive

• Acquisition allows Brown & Brown to enhance its pharmacy consulting capabilities.
• Remedy Analytics brings a proprietary data-based platform, potentially increasing revenue opportunities.
• The integration is expected to leverage Brown & Brown's resources, enhancing service delivery.

Negative

• Integration challenges may arise from merging operations of two distinct companies.
• Forward-looking statements reflect uncertainty about future financial results and performance.

DAYTONA BEACH, Fla., Oct. 19, 2021 (GLOBE NEWSWIRE) -- J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. (NYSE:BRO), and the shareholders of Remedy Analytics Inc., today announced that Brown & Brown, Inc. has acquired all of the stock of Remedy Analytics.

Founded in 2011 by current chief executive officer, Scott L. Martin, Remedy Analytics uses its proprietary PharmaLogic^® data-based medication platform to offer pharmacy consulting services to employers throughout the United States. Following the acquisition, the Remedy Analytics team will continue operating from their existing Milwaukee, Wisconsin location under the leadership of current chief operating officer, Jennifer Hill. Martin will continue to support the Remedy Analytics business as a consultant. The Remedy Analytics business will operate within Brown & Brown’s Retail segment and report to Mark Abate, who oversees Brown & Brown’s Strategic Benefit Advisors operations.

P. Barrett Brown, the president of Brown & Brown’s Retail segment, stated, “Remedy Analytics has built their business around using technology to deliver meaningful cost savings for large employers, and we are excited to leverage their platform and capabilities to better serve our customers. We also believe access to Brown & Brown’s resources and product offerings will enable Remedy Analytics to deliver even more value to the employers they serve. Remedy Analytics has succeeded because of their top-notch team of leaders and industry professionals, and we are thrilled to welcome them aboard.”

Scott Martin, founder and CEO of Remedy Analytics, added, “This is the second company I have founded that has been acquired by Brown & Brown, and I know firsthand what a terrific fit this is for both companies. Our team of seasoned professionals will fit in seamlessly with Brown & Brown’s capabilities and culture and will continue to excel together, exceeding customer expectations and continually deepening and expanding our deliverables. We are extremely bullish about the future together.”

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 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 recent acquisition by Brown & Brown, Inc. involving Remedy Analytics?

Brown & Brown, Inc. has acquired Remedy Analytics Inc., a pharmacy consulting service, to enhance its capabilities in managing medication costs for large employers.

How will the acquisition of Remedy Analytics impact Brown & Brown's operations?

The acquisition is expected to improve service delivery and expand resources for clients, leveraging Remedy's proprietary platform.

Who are the key people involved in the Brown & Brown and Remedy Analytics acquisition?

Scott L. Martin, the founder of Remedy Analytics, will continue as a consultant, while Jennifer Hill remains COO post-acquisition.

What are the potential risks associated with Brown & Brown's acquisition of Remedy Analytics?

Integration challenges and uncertainty in achieving projected financial results are potential risks highlighted in the acquisition.