Brown & Brown, Inc. Announces Latest Asset Acquisition
- April 24, 2019
Brown & Brown, Inc. Announces the Asset Acquisition of ALMEA Insurance, Inc.
DAYTONA BEACH, FL -- J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Rebecca L. Lovincey, Kenneth A. Schmidt, Jr., and William E. Wilson, the shareholders of ALMEA Insurance, Inc., announced that Brown & Brown of Oregon, LLC has acquired substantially all of the assets of ALMEA Insurance’s Vancouver, Washington location.
With roots dating back to 1949, ALMEA Insurance offers a wide variety of personal and business insurance products and services to customers in Washington and Oregon. The firm has annual revenues of approximately $2 million. Following the transaction, the ALMEA Insurance team will continue doing business from its existing Vancouver, Washington location as a branch location of Brown & Brown’s Portland, Oregon office and will operate under the leadership of Jessica Getman, President of Brown & Brown of Oregon. Ms. Getman reports to John Esposito, a Regional President in Brown & Brown’s Retail Segment.
Ms. Getman stated, “ALMEA brings a wealth of expertise and customer connections to our growing Portland operations. We are excited to welcome Ken, Bill, Rebecca and their team to Brown & Brown and look forward to working together to grow our businesses, while continuing to offer innovative, high-quality insurance solutions for our customers.”
“We are extremely excited about this opportunity,” said Ken Schmidt. “While Brown & Brown regularly acquires agencies like ours, they also understood and respected what an important decision this transaction was for us and our team. We look forward to working even harder for our clients and our employees, and with all of our new teammates.”