The signing of a definitive agreement for Brown & Brown Inc. to acquire the assets of Hull & Company Inc. of Fort Lauderdale, Fla. and its certain affiliated companies has been announced jointly by J. Hyatt Brown, chairman and CEO of Brown and Brown Inc., with offices in Daytona Beach and Tampa, and Richard F. “Dick” Hull, president and CEO of Hull and Company. 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 a leading insurance wholesale organization. It has 20 offices in nine states providing specialty products and unique solutions to the independent agency system. Dick Hull, along with Hull & Company’s management and staff will continue to operate Hull & Company as a stand-alone profit center from its existing locations.
“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,” Brown commented. “Brown & Brown has been doing business with Hull & Company since the 1970’s and they are the best in the business. The 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 Hull’s contribution as a member of the Brown & Brown Leadership Council.”
“We believe that by joining Brown & Brown, we will provide an ever increasing level of service to our customers, while providing our employees and shareholders with greater opportunities for future growth and rewards,” Hull said. “Our two companies share many of the same attributes, a fact that drew us to this decision.”
“Our organizations share a similar culture of commitment to excellence,” Jim W. Henderson, Brown & Brown’s President and Chief Operating Officer noted. “We anticipate that Hull & Company will very quickly become an integral force in our on-going growth and continued success.”
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, third-party administration and managed health care programs. It provides service to business, public entity, individual, trade and professional association clients nationwide.
Topics Mergers & Acquisitions
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