From the Wires
Brown & Brown, Inc. Announces the Asset Acquisition of Gilbert RV Insurance, Inc. and Recreation Insurance Management, Inc.
By: Marketwired .
Dec. 31, 2012 06:23 PM
DAYTONA BEACH, FL and TAMPA, FL -- (Marketwire) -- 12/31/12 -- J. Scott Penny, Regional President and Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), together with Alan Gilbert and Teresa Gilbert, the principals of Gilbert RV Insurance, Inc. and Recreation Insurance Management, Inc. (collectively, "Gilbert RV Insurance"), today announced that Brown & Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Gilbert RV Insurance.
Founded in 1992, Gilbert RV Insurance provides personal lines property and casualty insurance products and warranty products for recreational vehicles, including RVs, trailers, boats, motorcycles and other power sport vehicles. Gilbert RV Insurance has combined annual revenues of approximately $2.4 million. As part of this transaction, Gilbert RV Insurance's operations will operate as a branch location of Brown & Brown's recreational vehicle division under the leadership of Mike Neal.
Mr. Penny, who is responsible for Brown & Brown of Kentucky's retail operations, stated, "Over the past 20 years, Alan and Teresa Gilbert have built an agency with a national presence offering personal lines insurance coverage for RVs, motorcycles and other recreational and power sport vehicles and equipment. The acquisition of Gilbert RV Insurance, along with our prior acquisitions of RV America and Reed Brothers, allows Brown & Brown's recreational vehicle division to become the preeminent supplier of personal lines and commercial insurance products to the RV, auto, marine and power sport industries."
Mr. Gilbert stated, "My wife Teresa and I are very excited about the acquisition of Gilbert RV Insurance into the Brown and Brown family. The growth of Brown & Brown over the last 25 years has been remarkable, and I look forward to working with them in the years to come."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products 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.
Cory T. Walker
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