Brown & Brown, Inc. Acquires All Assets of Auto Insurance Brokerage
- September 05, 2018
Brown & Brown, Inc. Announces the Asset Acquisition of Finance & Insurance Resources, Inc.
DAYTONA BEACH, FL -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Jason Bayko and Bob Hunter, the principals of Finance & Insurance Resources, Inc. (“F&I Resources”), announced that Brown & Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of F&I Resources.
F&I Resources was founded in 1993 and has grown to become a leader in F&I performance management for auto dealers in the Northeast and Mid-Atlantic states by providing F&I sales training and auto related warranty products for their dealer partners. F&I Resources has annual revenues of approximately $10.5 million. The F&I Resources team will become part of the Brown & Brown auto, RV and powersports practice, which operates under the leadership of Mike Neal, President of Brown & Brown of Kentucky, Inc.
Mike stated, “Jason and Bob have grown F&I Resources to be a best-in-class operation delivering sales performance training and warranty insurance products for their dealer partners. The F&I Resources team will provide additional expertise to our growing platform in this space and establish a base for operations in the Northeast. We are confident that this will complement and enhance our existing operations.”
Jason Bayko stated, “I could not be more excited to become a part of Brown & Brown and their sales culture. We are now well positioned to grow by having access to additional insurance products, giving us a unique value proposition for our dealer partners.”
Bob Hunter added, “Brown & Brown’s culture, which is focused on clients and teammates, is a perfect match for us. Joining our company with Brown & Brown will provide us the opportunity to enhance our relationships with our valued customers through additional product offerings and training. I want to take this time to thank our dedicated, talented and long-term team members and our clients for their past and continued support.”