Click to read the official press release on investor.bbinsurance.com
DAYTONA BEACH, Fla., March 16, 2020 (GLOBE NEWSWIRE) — J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Jeffrey “Jeff” L. Hays, Daniel “Dan” O’Connell, Chris D. Skaletsky, the members of RLA Insurance Intermediaries, LLC, today announced that Peachtree Special Risk Brokers, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of RLA Insurance Intermediaries.
RLA Insurance Intermediaries was founded in 2010 by Jeff Hays and Chris Skaletsky as a wholesale insurance broker serving retail insurance agents. Leveraging their strong technical skills, market knowledge, and personal relationships, the firm specializes in offering professional lines, property and casualty, and healthcare coverages to meet the needs of businesses throughout the United States. Following the acquisition, the RLA Insurance Intermediaries team will continue doing business from their existing headquarters in Boston, Massachusetts and other locations in West Palm Beach, Florida; Brentwood, Tennessee; Potomac Falls, Virginia; and Manassas, Virginia. The offices will continue under the leadership of Jeff Hays and will form a new stand-alone operation within Brown & Brown’s Wholesale Brokerage Segment.
Kathy Colangelo, a Senior Vice President overseeing certain offices in Brown & Brown’s Wholesale Brokerage Segment, stated, “Since its inception in 2010, RLA Insurance Intermediaries has grown rapidly into a premier wholesale broker. In addition to adding a number of high-quality teammates to our organization, this transaction expands the Wholesale Brokerage Segment’s footprint geographically and likewise enables us to expand the depth and breadth of products and services we can offer our customers.”
Jeff Hays stated, “This transaction with Peachtree provides a platform for our team of brokers to lever their many strengths, which include inexhaustible work ethic, extraordinary market knowledge, and relationship-based client management. We could not be more excited for the exponential growth opportunities ahead and even greater customer satisfaction in our results.”
Brown & Brown, Inc. is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 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. 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
Source: Brown & Brown, Inc.