DAYTONA BEACH, FL -- (Marketwired) -- 01/05/15 -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Robert L. Wright, Jr., the principal of Hall-Wright General Agency, Inc. and its related affiliate companies (collectively, "Hall-Wright"), today announced the acquisition of certain assets of Hall-Wright by Texas Security General Insurance Agency, Inc., a subsidiary of Brown & Brown, Inc. ("Texas Security").
With origins dating back to 1971, Hall-Wright is a managing general agency with annual revenues of approximately $1.6 million. The company specializes in personal lines and commercial lines property and casualty insurance in both Texas and Louisiana. As part of the transaction, Robert Wright and his team will join Texas Security's existing San Antonio, Texas location under the leadership of Tom Contreras.
Mr. Contreras stated, "This acquisition presents a unique opportunity to further expand our wholesale presence in Texas and Louisiana. The Hall-Wright team possesses a remarkable level of technical knowledge and experience that enable them to provide high-quality service to their retail agents. I have personally known Robert Wright for many years and am excited that he and his talented teammates will be joining our organization."
Robert Wright stated, "Tom Contreras, Texas Security General Insurance Agency, and the Brown & Brown team have access to additional products and contacts that will enable Hall-Wright to enhance the level of service that we provide to our clients. We are truly excited to become a part of such a talented group."
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.
