Dec 28, 2010 – Brown & Brown agrees to acquire Comcover Insurance Group
Brown & Brown, Inc. Announces Agreement to Acquire the
Assets of Comcover Insurance Group, Inc.
DAYTONA BEACH, FL, Dec 28, 2010 — Thomas E. Riley, Regional President of Brown &
Brown, Inc. (NYSE: BRO), and Anthony L. Johnson, President of Comcover Insurance Group, Inc.,
based in Dania, Florida, today announced that Brown & Brown of Florida, Inc., a subsidiary of
Brown & Brown, Inc., and Comcover Insurance Group, Inc. have entered into an agreement for
Brown & Brown of Florida to acquire substantially all of Comcover’s assets. Finalization of the
transaction is subject to the satisfaction of certain customary conditions. The transaction is expected
to close in early January 2011.
With annualized revenues of approximately $1.6 million, Comcover has provided property and
casualty and risk management products and services to business owners since 2003. The firm
specializes in products and services tailored to clients in the wholesale, distribution, manufacturing,
lumber and building materials, transportation, and commercial property ownership and
development industries, among other industries. After the closing, Anthony Johnson and his staff
will join Brown & Brown of Florida’s existing Fort Lauderdale and Miami Lakes, Florida profit
centers, under the leadership of Michael Keeby and Colin Lowe, respectively.
Tom Riley, Regional President responsible for certain of Brown & Brown of Florida’s retail
operations in south Florida, said: “Comcover is a recognized leader in meeting the unique insurance
and risk management needs of clients in a wide spectrum of industries. We are proud that Anthony
and the other talented members of the Comcover team will be joining Brown & Brown.”
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, the Company is ranked by
Business Insurance magazine as the United States’ seventh largest independent insurance
intermediary. The Company’s Web address is www.bbinsurance.com.
Mystic Capital Advisors Group, LLC provided transaction advisory services to Comcover.