Brown & Brown, Inc. enters into an agreement to acquire Quintes Holding B.V.
Brown & Brown, Inc. (NYSE:BRO) has announced an agreement to acquire Quintes Holding B.V., one of the largest independent insurance brokers in the Netherlands. The transaction is expected to close in Q4 2024, subject to regulatory approvals. Quintes, founded in 2012, serves approximately 200,000 customers across broking, MGA, and pension business divisions. With 700 professionals across 18 locations, Quintes will continue to be led by its founder and CEO, Gijsbert van de Nieuwegiessen, who will report to Mike Bruce, CEO of Brown & Brown (Europe)
This acquisition will expand Brown & Brown's international footprint and enhance its global capabilities. The move aligns with Brown & Brown's decentralized business model and is expected to drive continued growth. For Quintes customers, the acquisition promises access to additional capabilities, services, and solutions, as well as the market strength of a global network.
Brown & Brown, Inc. (NYSE:BRO) ha annunciato un accordo per acquisire Quintes Holding B.V., uno dei più grandi broker di assicurazione indipendenti nei Paesi Bassi. La transazione dovrebbe chiudersi nel quarto trimestre del 2024, soggetta all'approvazione delle autorità competenti. Quintes, fondata nel 2012, serve circa 200.000 clienti attraverso i settori di intermediazione, MGA e previdenza. Con 700 professionisti distribuiti in 18 sedi, Quintes continuerà ad essere guidata dal suo fondatore e CEO, Gijsbert van de Nieuwegiessen, che riporterà a Mike Bruce, CEO di Brown & Brown (Europa).
Questa acquisizione espanderà la presenza internazionale di Brown & Brown e migliorerà le sue capacità globali. Questa mossa è in linea con il modello di business decentralizzato di Brown & Brown e si prevede che favorisca una continua crescita. Per i clienti di Quintes, l'acquisizione promette accesso a ulteriori capacità, servizi e soluzioni, nonché alla forza di mercato di una rete globale.
Brown & Brown, Inc. (NYSE:BRO) ha anunciado un acuerdo para adquirir Quintes Holding B.V., uno de los corredores de seguros independientes más grandes de los Países Bajos. Se espera que la transacción se cierre en el cuarto trimestre de 2024, sujeta a aprobaciones regulatorias. Quintes, fundada en 2012, atiende aproximadamente a 200,000 clientes en los sectores de corretaje, MGA y pensiones. Con 700 profesionales en 18 ubicaciones, Quintes seguirá siendo dirigida por su fundador y CEO, Gijsbert van de Nieuwegiessen, quien reportará a Mike Bruce, CEO de Brown & Brown (Europa).
Esta adquisición ampliará la huella internacional de Brown & Brown y mejorará sus capacidades globales. Esta medida está en alineación con el modelo de negocio descentralizado de Brown & Brown y se espera que impulse un crecimiento continuo. Para los clientes de Quintes, la adquisición promete acceso a capacidades, servicios y soluciones adicionales, así como a la fuerza del mercado de una red global.
브라운 & 브라운 주식회사 (NYSE:BRO)는 네덜란드에서 가장 큰 독립 보험 중개업체 중 하나인 퀸테스 홀딩 B.V.를 인수하기 위한 계약을 발표했습니다. 이번 거래는 규제 승인에 따라 2024년 4분기 내에 완료될 것으로 예상됩니다. 퀸테스는 2012년에 설립된 이후 중개, MGA 및 연금 사업 부문에서 약 20만 고객에게 서비스를 제공하고 있습니다. 18개 지역에서 700명의 전문가가 활동하며, 퀸테스는 창립자이자 CEO인 가이스버트 반 데 니우웨기센(Gijsbert van de Nieuwegiessen)의 지휘 아래 운영될 것이며, 그는 브라운 & 브라운(유럽) CEO인 마이크 브루스(Mike Bruce)에게 보고할 것입니다.
이번 인수는 브라운 & 브라운의 국제적 입지를 확장하고 글로벌 역량을 강화할 것입니다. 이 결정은 브라운 & 브라운의 분산형 비즈니스 모델과 일치하며 지속적인 성장을 촉진할 것으로 예상됩니다. 퀸테스 고객에게는 인수를 통해 추가적인 능력, 서비스 및 솔루션과 함께 글로벌 네트워크의 시장 강점을 접근할 수 있는 기회가 제공될 것입니다.
Brown & Brown, Inc. (NYSE:BRO) a annoncé un accord pour acquérir Quintes Holding B.V., l'un des plus grands courtiers d'assurance indépendants aux Pays-Bas. La transaction devrait être finalisée au quatrième trimestre de 2024, sous réserve des approbations réglementaires. Quintes, fondée en 2012, dessert environ 200 000 clients dans les domaines du courtage, des MGA et des retraites. Avec 700 professionnels répartis sur 18 sites, Quintes continuera d'être dirigée par son fondateur et PDG, Gijsbert van de Nieuwegiessen, qui rendra compte à Mike Bruce, PDG de Brown & Brown (Europe).
Cette acquisition élargira l'empreinte internationale de Brown & Brown et améliorera ses capacités mondiales. Cette initiative est en ligne avec le modèle d'affaires décentralisé de Brown & Brown et devrait favoriser une croissance continue. Pour les clients de Quintes, l'acquisition promet un accès à des capacités, des services et des solutions supplémentaires, ainsi qu'à la force de marché d'un réseau mondial.
Brown & Brown, Inc. (NYSE:BRO) hat eine Vereinbarung zur Übernahme von Quintes Holding B.V. bekannt gegeben, einem der größten unabhängigen Versicherungsmakler in den Niederlanden. Es wird erwartet, dass die Transaktion im vierten Quartal 2024 abgeschlossen wird, vorbehaltlich der regulatorischen Genehmigungen. Quintes, gegründet im Jahr 2012, betreut ungefähr 200.000 Kunden in den Bereichen Brokerage, MGA und Pensionsgeschäfte. Mit 700 Fachleuten an 18 Standorten wird Quintes weiterhin von seinem Gründer und CEO, Gijsbert van de Nieuwegiessen, geleitet, der an Mike Bruce, CEO von Brown & Brown (Europa), berichten wird.
Diese Übernahme wird den internationalen Fußabdruck von Brown & Brown erweitern und deren globale Fähigkeiten verbessern. Der Schritt steht im Einklang mit dem dezentralen Geschäftsmodell von Brown & Brown und wird voraussichtlich ein nachhaltiges Wachstum fördern. Für die Kunden von Quintes verspricht die Übernahme Zugang zu zusätzlichen Fähigkeiten, Dienstleistungen und Lösungen sowie die Marktmacht eines globalen Netzwerks.
- Acquisition of one of the largest independent insurance brokers in the Netherlands
- Expansion of Brown & Brown's international footprint and global capabilities
- Addition of approximately 200,000 customers to Brown & Brown's client base
- Alignment with Brown & Brown's decentralized sales and service business model
- Potential for increased growth and market strength through combined resources
- Regulatory approval required for transaction completion
- Potential integration challenges and costs associated with the acquisition
Insights
Brown & Brown's acquisition of Quintes Holding B.V. represents a significant expansion into the European market, particularly the Netherlands. This move aligns with the company's strategy of international growth and diversification. Key points to consider:
- Market Expansion: This acquisition gives Brown & Brown a strong foothold in the Dutch insurance market, serving approximately 200,000 customers.
- Diversification: Quintes' three main divisions (broking, MGA and pension business) will broaden Brown & Brown's service offerings.
- Scale: With 700 insurance professionals across 18 locations, this acquisition significantly increases Brown & Brown's European presence.
- Synergies: The alignment of Quintes' hub structure with Brown & Brown's decentralized model suggests potential for operational efficiencies.
- Growth Potential: Access to Brown & Brown's global network and resources could accelerate Quintes' growth in the Dutch market.
While financial terms weren't disclosed, this acquisition is likely to be accretive to Brown & Brown's earnings in the medium to long term, given Quintes' market position and growth potential. Investors should monitor the integration process and any potential regulatory hurdles before the expected closing in Q4 2024.
The acquisition of Quintes by Brown & Brown is a strategic move that could reshape the competitive landscape in the Dutch insurance market. Here's what investors should consider:
- Market Consolidation: This acquisition continues the trend of consolidation in the insurance brokerage industry, potentially leading to increased pricing power and economies of scale.
- Competitive Advantage: Brown & Brown gains immediate scale in the Netherlands, becoming one of the largest players in the market overnight.
- Cultural Fit: Both companies emphasize customer-centric approaches and decentralized structures, which could facilitate a smoother integration and reduce execution risk.
- Cross-Selling Opportunities: The diverse service offerings of Quintes (broking, MGA, pension) combined with Brown & Brown's global capabilities could lead to significant cross-selling opportunities.
- Talent Acquisition: Retaining the 700 insurance professionals from Quintes, including the leadership team, is important for maintaining client relationships and local market knowledge.
While the acquisition presents significant opportunities, investors should also be aware of potential challenges such as regulatory scrutiny, integration costs and the need to navigate local market nuances. The success of this acquisition will largely depend on Brown & Brown's ability to leverage Quintes' local expertise while implementing its global best practices.
DAYTONA BEACH, Fla., July 29, 2024 (GLOBE NEWSWIRE) -- J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. (NYSE:BRO), Aquiline Capital Partners, Gijsbert van de Nieuwegiessen and the management ownership team of Quintes Holding B.V. (“Quintes”), today announced that the parties have entered into an agreement to acquire the Quintes insurance operations. The transaction is expected to close in the fourth quarter of 2024, subject to certain closing conditions, including the receipt of required regulatory approvals for the acquisition.
Quintes was founded in 2012 by Gijsbert van de Nieuwegiessen and is one of the largest independent insurance brokers in the Netherlands. Quintes serves approximately 200,000 customers across its three main divisions: broking, MGA and pension business. Headquartered in Waardenburg, Netherlands, Quintes is composed of approximately 700 insurance professionals operating across 18 locations in the Netherlands.
Quintes will continue to be led by Gijsbert van de Nieuwegiessen, chief executive officer and founder. Following the completion of the transaction, Gijsbert will report to Mike Bruce, chief executive officer of Brown & Brown (Europe) Limited, who also serves as a member of the Brown & Brown, Inc. senior leadership team.
On the transaction, Mike Bruce shared, “Gijsbert and the team at Quintes share our commitment to always doing what is best for customers, teammates and carrier partners. Their position as an industry leader in the Dutch market will further expand our international footprint and broaden the scope of our global capabilities.”
Barrett Brown, executive vice president and president of the Brown & Brown, Inc. Retail segment, shared, “We are very excited to have Gijsbert, Quintes leadership and their talented teammates join Brown & Brown. Their hub structure is closely aligned with our decentralized sales and service business model, and the breadth of their specializations will complement our existing capabilities and drive our continued growth.”
Gijsbert van de Nieuwegiessen stated, “After four successful years of strategic partnership with Aquiline, we have found a forever home in Brown & Brown. Quintes and Brown & Brown are like-minded organizations that share a common culture, values and purpose. For our customers, this move will bring access to additional capabilities, services and solutions, as well as the market strength of a global network. For our Quintes teammates, it will bring opportunities to grow professionally and personally. All of us at Quintes look forward to becoming teammates of an industry-leading and customer-focused group of professionals.”
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 16,000 teammates and 500+ 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.
Quintes Insurance & Risk Management is a leading and fast-growing insurance & pension broker and MGA. A solid group of 700 professionals working from 18 local offices spread throughout the Netherlands. Quintes is characterized by short lines of communication, high-quality advice and putting customer interests first. A company in which initiatives are appreciated. For more information or to find an office near you, please visit: www.quintes.nl.
Conference call information
A conference call to discuss this transaction will be held on Wednesday, August 7, 2024, at 8:00 AM (EDT). The Company may refer to a slide presentation during its conference call. You can access the webcast and the slides from the “Investor Relations” section of the Company's website at www.bbinsurance.com.
If you are unable to listen during the live webcast, audio from the conference call will be archived on Brown & Brown's website, www.bbinsurance.com, for 14 days after the live broadcast. To access the website replay, go to “Investor Relations" and click on "Calendar of Events.”
Forward-looking statements
This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this proposed acquisition. Examples of forward-looking statements regarding the acquisition described in this press release include statements regarding the expected benefits of the proposed acquisition, the impact of the proposed acquisition, required regulatory approvals, and the expected timing of the completion of the proposed 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. These risks and uncertainties include but are not limited to, the risk that regulatory or other approvals required for the proposed acquisition may be delayed or not obtained or are obtained subject to conditions that are not anticipated that could require the exertion of management's time and resources or otherwise have an adverse effect on Brown & Brown, the possibility that certain conditions to the consummation of the proposed acquisition will not be satisfied or completed on a timely basis and accordingly the proposed acquisition may not be consummated on a timely basis or at all. uncertainty as to Brown & Brown's expected financial performance following completion of the proposed acquisition, risks related to the integration of the acquired operations, business and assets into Brown & Brown, the possibility that the anticipated benefits of the proposed acquisition are not realized when expected or at all, including as a result of the impact of, or issues arising from, the integration of the acquired operations into Brown & Brown, the risk that unexpected costs will be incurred in connection with the completion and/or integration of the proposed acquisition, the diversion of management's attention from ongoing business operations and opportunities, unexpected costs, charges or expenses resulting from the proposed acquisition, disruption from the announcement, pendency and/or completion of the proposed acquisition or the integration of the acquired business, including potential adverse reactions or changes to business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships, competitive responses to the proposed acquisition, and uncertainties as to the timing of the consummation of the proposed acquisition and the ability of each party to consummate the proposed acquisition. 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. 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
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