February 14, 2005
Brown & Brown, Inc. Announces the Asset Acquisition of Hull & Company, Inc.
J. Hyatt Brown, Chairman and Chief Executive Officer of Brown & Brown, Inc. (NYSE: BRO), and Richard F. "Dick" Hull, President and Chief Executive Officer of Hull & Company, Inc., headquartered in Ft. Lauderdale, Florida, today announced the signing of a definitive agreement for Brown & Brown, Inc. to acquire the assets of Hull & Company, Inc. and certain affiliated companies. Finalization of the transaction is subject to completion of certain customary conditions.
Hull & Company, with approximately $63.0 million in annualized net
retained revenues, is recognized as one of the nation's leading insurance wholesale organizations. With 20 offices in nine states providing specialty products and unique solutions to the independent agency system, Hull & Company has been regarded as one of the industry's finest wholesale markets for more than 40 years. Dick Hull, along with Hull & Company's current management and staff will continue to operate Hull & Company as a stand-alone profit center
from its existing locations.
Mr. Brown said, "Dick Hull and I have known one another for many years and I have always held him and his leadership team in the highest regard. As a matter of fact Brown & Brown has been doing business with Hull & Company since the 1970's and they are the best in the business. His company is guided by the same strong focus on professionalism that is a Brown & Brown hallmark. We are extremely pleased that they have elected to join us. Their addition to the
Brown & Brown family takes our position within the insurance excess and surplus lines brokerage arena to a new level. In addition, I personally am looking forward to Dick Hull's contribution as a member of the Brown & Brown Leadership Council."
Mr. Hull commented, "We believe that by joining Brown & Brown, we will be able to provide an ever increasing level of service to our customers, while providing our employees and shareholders with greater opportunities for future growth and rewards. As Hyatt noted, our two companies share many of the same attributes, a fact that drew us to this decision."
Jim W. Henderson, Brown & Brown's President and Chief Operating Officer noted, "Our two organizations share a similar culture of commitment to excellence. We anticipate that Hull & Company will very quickly become an integral force in our on-going growth and continued success."
Posted by Tom Troceen