DAYTONA BEACH, FL -- (Marketwired) -- 05/11/15 -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc.(NYSE: BRO), and Kenneth ("Ken") A. Robinette, the principal of Bellingham Underwriters, Inc., today announced that a subsidiary within Brown & Brown, Inc.'s National Programs Division has acquired certain assets of Bellingham Underwriters, Inc.
Bellingham Underwriters was founded in 2006 by Ken Robinette and has annual revenues of approximately $4.6 million. The company is a managing general underwriter that specializes in providing insurance solutions for transportation and related risks. Following the transaction, Ken Robinette and his team will continue to serve their clients from their existing Bellingham, Washington location.
Steve Boyd, Executive Vice President of Brown & Brown's National Programs Division, stated, "I continue to be impressed with Ken and the rest of the Bellingham Underwriters team. Their strong carrier relationships, superior customer service, and unique approach to underwriting have enabled them to stand out as a leader in our industry. We are excited that they have chosen to join Brown & Brown."
Ken Robinette commented, "Bellingham Underwriters was seeking a partner that understood our culture, and would not only allow us to continue our approach to business, but would also offer us new and enhanced capabilities. We believe this new partnership with Brown & Brown provides a long-term, stable platform for both our staff and our customer base to continue operating as a true underwriting management firm. I am excited for the future at Bellingham Underwriters and look forward to continuing our many long-term relationships."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. Brown & Brown's Web address is 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.
R. Andrew Watts
Chief Financial Officer
(386) 239-5770
Source: Brown & Brown, Inc.
