Brown & Brown, Inc. Announces the Asset Acquisition of Family-owned Agency
- February 13, 2019
Brown & Brown, Inc. Announces the Asset Acquisition of Smith Insurance Associates, Inc.
DAYTONA BEACH, FL -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Stephen Smith, Jr., Brian & Kellie Smith Friel, Christopher & Carrie Smith and Brendan & Megan Smith Whelan, the owners of Smith Insurance Associates, Inc. (“Smith Insurance”), today announced that Brown & Brown Metro, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Smith Insurance.
Smith Insurance is a family owned agency with over 35 years of experience, providing a variety of business insurance products to its customers with a focus on multifamily residential, hospitality and commercial structures. Smith Insurance’s annualized revenue is approximately $5,500,000. The Smith Insurance team will continue to operate from their office in Spring House, Pennsylvania, as a branch office of Brown & Brown’s Mt. Laurel, New Jersey office, which is led by Billy Roberts. Mr. Roberts reports to Rich Knudson, Regional President of Brown & Brown, Inc.
Billy Roberts, Vice President of Brown & Brown Metro, LLC, stated, “Smith Insurance Associates have been trusted insurance professionals in Pennsylvania for over 35 years. It is a true family business that provides unique insurance solutions for the real estate industry while maintaining a commitment to personalized service. We could not be more excited to partner with the talented Smith team and further build our habitational expertise regionally and nationally.”
The Smith family stated, “We are excited about what this opportunity means for our team and our clients. Smith Insurance and Brown & Brown share a mutual commitment to our founder Stephen Smith’s vision of superior customer service, quality insurance products, innovation, and integrity. This new alliance will not only allow us to expand our footprint in the residential real estate marketplace, it will also afford our clients and staff an even broader range of options, solutions and services; while allowing us to continue to provide the personal customer service for which we are known.”