Brown & Brown, Inc. announces the acquisition of Rainmaker Advisory, LLC by Brown & Brown Dealer Services
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of substantially all assets of Rainmaker Advisory, LLC, enhancing its Dealer Services division.
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Rhea-AI Summary
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of substantially all assets of Rainmaker Advisory, LLC, enhancing its Dealer Services division. This move aims to strengthen their capabilities in financing and insurance product planning for auto and RV dealers. Ryan Hanlon, owner of Rainmaker, and his team will continue operations from Ventura, California, under Mike Neal's leadership. Both parties emphasize the alignment of values and expertise, aiming to improve service and establish a West Coast presence.
Positive
- Acquisition strengthens BBDS capabilities in F&I product and reinsurance planning.
- Increases market presence on the West Coast.
- Collaboration expected to enhance service offerings to dealer customers.
Negative
- None.
Details
News Market Reaction – BRO
The recorded move for BRO in the trading session of this news was +1.64%.
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DAYTONA BEACH, Fla., Dec. 14, 2021 (GLOBE NEWSWIRE) -- J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. (NYSE:BRO), and Ryan Hanlon, owner of Rainmaker Advisory, LLC (“Rainmaker”), today announced that Brown & Brown Dealer Services (“BBDS”) has acquired substantially all of the assets of Rainmaker.
Ryan Hanlon is a seasoned advisor regarding F&I product and reinsurance planning for auto and RV dealers. The Rainmaker operations will join Brown & Brown Dealer Services under the leadership of Mike Neal. Ryan and the Rainmaker team will continue operating from their offices in Ventura, California.
Mike stated, “We are excited about the capabilities that Ryan and his team bring to BBDS, both in their depth of knowledge to further enhance our capabilities for our dealer customers and in establishing a West Coast presence for our broader team. Our shared values of customer-first focus along with best-in-class industry knowledge confirm that the Rainmaker team is a natural fit for Brown & Brown Dealer Services. We look forward to our future together.”
Ryan stated, “We are thrilled to join the BBDS team and enthusiastic about the collaborative opportunities created by this acquisition. BBDS has an incredibly talented team and resources that will allow us to better serve our dealer customers. The future is bright, and we are grateful for the opportunity to build a West Coast presence with Brown & Brown.”
About Brown & Brown, Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 11,000 teammates in more than 300 locations across the U.S. and select global markets, we are committed to providing innovative strategies to help protect what our customers value most. For more information, please visit 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.
For more information:
R. Andrew Watts
Chief Financial Officer
(386) 239-5770
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