Brown & Brown, Inc. Announces the Asset Acquisition of Dealer Insurance Brokerage
- December 18, 2018
Brown & Brown, Inc. Announces the Asset Acquisition of Dealer Associates, Inc.
DAYTONA BEACH, FL — J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Tony Fincannon and Rick Messinger, the principals of Dealer Associates, Inc. (“DAI”), announced that Brown & Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of DAI.
Since 1990, DAI has provided a broad range of F&I Products, coupled with F&I, Sales and Service Training, Financial Performance Consulting, and Reinsurance Management Services for Auto Dealers in Texas and other states around the country. DAI has annual revenues of approximately $8.5 million. Tony, Rick and the DAI team will join the Brown & Brown Dealer Services practice, which operates under the leadership of Mike Neal, President of Brown & Brown of Kentucky, Inc.
Mike stated, “DAI has been an industry leader in F&I Income Development since inception, and Tony is a recognized industry leader on dealer reinsurance and other participation structures designed to maximize profit and performance. As we continue to grow our Brown & Brown Dealer Services team, we are confident that DAI provides a solid base in the Southwest to grow from and adds valuable expertise to the team.”
Tony Fincannon stated, “As we looked for new and game changing opportunities to help our dealer clients grow their business we found Brown & Brown to be a perfect fit culturally for our company. Now, we can bring additional insurance products and solutions to help dealers maximize profitability. We are extremely excited to be a part of the Brown & Brown team!”
Rick Messinger added, “Having the opportunity to bring employee benefit, liability and other coverage options needed by dealers to run their businesses cost effectively will make our agency a stronger presence in the automotive space. That opportunity coupled with Brown & Brown’s teammate-based culture was the catalyst for our decision.”