Brown & Brown, Inc. completes the acquisition of BdB Limited companies

Rhea-AI Summary

Brown & Brown, Inc. (NYSE:BRO) has completed the acquisition of BdB Limited's general insurance operating companies as of August 2, 2022. This strategic acquisition aims to enhance Brown & Brown's market position and operational capabilities in the insurance sector. The company, founded in 1939, has a robust presence with over 14,500 employees in more than 450 locations globally. The press release emphasizes potential future benefits but also cautions about inherent uncertainties and risks associated with the integration process.

Positive

• Acquisition of BdB Limited enhances market position and operational capacity.
• Increased potential revenue through expanded service offerings.

Negative

• Integration challenges may impact short-term financial performance.
• Forward-looking statements indicate risks associated with future results.

DAYTONA BEACH, Fla., Aug. 02, 2022 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) today announced the completion of the previously-announced acquisition of the general insurance operating companies of BdB Limited.

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With more than 14,500 teammates in 450+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, 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.

For more information:

R. Andrew Watts
Chief financial officer
(386) 239-5770

FAQ

What is the significance of the acquisition by Brown & Brown, Inc. (BRO)?

The acquisition of BdB Limited's general insurance operations aims to strengthen Brown & Brown's market presence and expand its service offerings.

When was the acquisition of BdB Limited completed?

The acquisition was completed on August 2, 2022.

What potential risks are associated with the acquisition of BdB Limited?

Risks include integration challenges and possible material changes in financial conditions affecting both companies.

How will the acquisition impact Brown & Brown, Inc.'s future financial performance?

While the acquisition is expected to enhance revenue potential, there are uncertainties that could affect future results.