Brown & Brown, Inc. Terminates Asset Purchase Agreement With Hauser

Rhea-AI Summary

Brown & Brown, Inc. (NYSE: BRO) announced the immediate termination of its agreement to acquire HAUSER, which was initially expected to close in September 2020. The decision reflects uncertainty surrounding the completion of the transaction, which was conditional upon various factors. Brown & Brown is a leading insurance brokerage firm with 80 years of experience, offering risk management solutions. The company emphasizes its commitment to superior customer service and trust.

Positive

• Brown & Brown maintains a strong reputation in the insurance brokerage sector with 80 years of experience.
• The decision to terminate the acquisition minimizes potential risks associated with unforeseen transaction challenges.

Negative

• Termination of the HAUSER acquisition may signal potential setbacks in Brown & Brown's growth strategy.
• The abrupt cancellation could lead to investor concerns regarding the company's future acquisition plans.

DAYTONA BEACH, Fla., Aug. 25, 2020 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) today announced today that it has terminated with immediate effect the previously announced agreement to acquire the assets of HAUSER.  The transaction was expected to close in September 2020, subject to certain closing conditions.

Brown & Brown, Inc. is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses.  With Brown & Brown’s 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service.  For more information, 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. 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.

R. Andrew Watts
Chief Financial Officer
(386) 239-7550

FAQ

Why did Brown & Brown terminate the HAUSER acquisition?

Brown & Brown terminated the acquisition with immediate effect due to uncertainties surrounding the completion of the transaction.

What are the implications of the terminated HAUSER acquisition for BRO investors?

The termination may raise concerns about the company's growth strategy and future acquisitions, potentially affecting investor confidence.