DAYTONA BEACH, FL -- (Marketwired) -- 02/08/16 --
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc.(NYSE: BRO), and Ann Marie Beaudoin and Victor Arruda, the founders of Social Security Advocates for the Disabled, LLC ("SSAD"), today announced that The Advocator Group, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the equity interests of SSAD.
Since its founding in 1994, SSAD has provided Social Security disability insurance ("SSDI") advocacy services to individual clients on behalf of long-term disability insurance carriers. SSAD has annual net revenues in 2015 of approximately $10.0 million. SSAD will continue to operate from its offices in Norwell, Massachusetts, under the sales leadership of Ann Marie Beaudoin and operational leadership of Megan Reid. The SSAD operations will report to Julie Turpin, Chief Executive Officer of The Advocator Group.
Ms. Turpin stated, "SSAD has been a key player in providing high-quality SSDI advocacy services for the long-term disability insurance carrier market for more than 20 years. We are excited to have them join The Advocator Group team. With Ann Marie and Megan on board, we look forward to continuing to deliver exceptional service to clients and carriers and to bring innovative products and processes to the market."
Ms. Beaudoin stated, "Our relationship with The Advocator Group will allow us to build on our long-standing track record of delivering positive results for our carrier partners. Together, we will strive to achieve our shared mission of preserving and improving the financial well-being of our clients. We are thrilled to be a part of this industry-leading team."
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.
R. Andrew Watts
Chief Financial Officer
Source: Brown & Brown, Inc.