Brown & Brown, Inc. Announces the Asset Acquisition of Lambert, Riddle, Schimmel & Company
DAYTONA BEACH, FL — J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Jim Riddle and Tom Schimmel, the shareholders of Lambert, Riddle, Schimmel & Company (“LRS&C”), announced that Brown & Brown Insurance Agency of Virginia, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of LRS&C.
LRS&C traces its roots back to July 1917 in Virginia and Washington, DC. The firm provides a wide variety of personal and business insurance products and services to clients in the Mid-Atlantic Region. LRS&C’s annualized revenue is approximately $1,600,000. Following the acquisition, the LRS&C team will join Brown & Brown’s existing Manassas, Virginia office and will operate under the leadership of Bill Strachan.
Mr. Strachan, President of Brown & Brown Insurance Agency of Virginia, Inc. stated, “Tom and Jim have carried on the legacy of client service that was established for the LRSC agency over 100 years ago. We are excited to join the LRSC team to our operations in the DC Metro area.”
Mr. Riddle and Mr. Schimmel stated, “After 102 years in business, finding the right company to team up with is not an easy decision. We are very pleased to have found a company like Brown & Brown who will continue with our utmost dedication to our clients.”