DAYTONA BEACH, FL and TAMPA, FL -- (Marketwired) -- 01/02/14 --
Sam R. Boone, Jr., Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Troy Brown, the Chief Executive Officer of ICA, Inc., today announced that a subsidiary of Brown & Brown, Inc. has acquired certain assets of ICA, Inc.
With origins dating back to 1991, ICA was founded by Troy Brown. With annualized net revenues of approximately $13.2 million, the firm provides insurance claims adjusting and related services, including third party administration (TPA) services, throughout the United States. Following the transaction, the acquired ICA operations will continue to operate from their existing locations in Charlotte, North Carolina; Richardson, Texas; and Gold River, California, under the leadership of Troy Brown.
Mr. Boone, who is responsible for Brown & Brown's Services Division, stated, "ICA has established itself as a leader in the daily claims adjusting and catastrophe claims adjusting marketplace. We are excited about the ability of Troy and his team to broaden and strengthen our insurance claims adjusting operations throughout the United States."
Mr. Brown stated, "ICA is excited to join forces with Brown & Brown, as both organizations share the vision of taking great care of their clients. This union will bring even greater resources to the marketplace, which will allow us to further enhance our client offerings."
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' seventh 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
Chief Financial Officer
(386) 239-7250
Source: Brown & Brown, Inc.
