Brown & Brown, Inc. completes acquisition of Berkshire Insurance Group, Inc.

Rhea-AI Summary

Brown & Brown, Inc. (NYSE:BRO) has successfully completed the acquisition of the assets and operations of Berkshire Insurance Group, Inc. through its subsidiary, Brown & Brown of Massachusetts, LLC. This acquisition marks a strategic expansion for Brown & Brown, enhancing its service offerings and market presence.

The company has over 11,000 employees across 300 locations, focusing on delivering innovative risk management solutions. Future financial results related to this acquisition remain uncertain, with potential risks associated with integration and market conditions.

Positive

• Strategic acquisition enhances service offerings and market presence.
• Expansion into new markets through Berkshire Insurance Group's established operations.

Negative

• Integration challenges could pose risks to anticipated financial performance.
• Potential adverse changes in the business condition of either party could affect outcomes.

DAYTONA BEACH, Fla., Sept. 01, 2021 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) today announced the completion of the previously announced acquisition of the assets and operations of Berkshire Insurance Group, Inc. by Brown & Brown of Massachusetts, LLC, a subsidiary of Brown & Brown.

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 the acquisition of Berkshire Insurance Group by Brown & Brown (BRO)?

The acquisition enhances Brown & Brown's service capabilities and broadens its market reach.

When was the acquisition of Berkshire Insurance Group completed?

The acquisition was completed on September 1, 2021.

What are the expected benefits of Brown & Brown's acquisition of Berkshire Insurance Group?

Expected benefits include enhanced service offerings and expansion into new markets.

What risks are associated with the acquisition of Berkshire Insurance Group by Brown & Brown (BRO)?

Risks include potential integration challenges and adverse changes in business conditions.