Brown & Brown, Inc. enters into agreement to acquire Caton-Hosey Insurance
26 12월 2023 - 9:51PM
J. Scott Penny, chief acquisitions officer of Brown & Brown,
Inc. (NYSE:BRO), and Rex Caton and John Hosey, the owners of
Caton-Hosey Insurance (“Caton Hosey”), today announced that Brown
& Brown has entered into an agreement to acquire the assets of
Caton Hosey. The transaction is expected to close in early January
2024, subject to certain closing conditions.
Caton-Hosey shares roots with Brown & Brown
in the Florida insurance market reaching back to 1948 with the
founding of Caton Insurance in Volusia County. Throughout the 75
year history of the firm, Caton Hosey has been a fixture in central
Florida providing personal service and unique insurance solutions
for individual and commercial customers. Rex Caton took over the
agency from his father Richard Caton in 1990 with John Hosey
joining the firm in 1993. Rex and John purchased the agency from
Richard, which then became Caton-Hosey Insurance. The Caton-Hosey
team will continue to operate from their office in Port Orange,
Florida under the leadership of Rex and Barbara Caton and John
Hosey.
Barrett Brown stated, “We are very pleased to
welcome Rex, John, Barbara and the Caton-Hosey team as Brown &
Brown teammates. From the time when Hyatt Brown and Richard Caton
ran their respective firms, we have been friendly competitors and
share a mutual respect that we each focus on customers first in
delivering results. Rex and John will work with Steve Farmer and
Brown & Brown to access additional resources and opportunities
for Caton-Hosey to continue to deliver positive insurance results
for their customers. We look forward to our future together.”
Rex Caton said, “The future is bright
transitioning our company to become part of the Brown & Brown
organization. My dad, Richard Caton, would be proud that we are
joining with his longtime friend, Hyatt Brown. We bring an
excellent team along with John Hosey’s additional leadership to the
Brown family and Brown & Brown Insurance.”
Brown & Brown, Inc. (NYSE: BRO) is a leading
insurance brokerage firm, delivering risk management solutions to
individuals and businesses since 1939. With 15,000+ teammates in
500+ locations worldwide, we are committed to providing innovative
strategies to help protect what our customers value most. For more
information or to find an office near you, 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.
For more information:
R. Andrew WattsChief financial officer(386) 239-5770
Brown and Brown (NYSE:BRO)
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