Simply log on to and click on "Investor Relations" and then "Calendar of Events". You are invited to listen to the call, which will be broadcast live on Brown & Brown's Internet site at 8:30 a.m.
#WRIGHT FLOOD INSURANCE COMPANY UPDATE#
Walker, Senior Vice President and Chief Financial Officer of Brown & Brown, Inc., will host an investor update conference call concerning this transaction. Scott Penny, Regional President and Chief Acquisitions Officer, and Cory T. The total consideration does not reflect any one-time transaction expenses.
#WRIGHT FLOOD INSURANCE COMPANY FREE#
The transaction will be a cash acquisition (utilizing free cash and existing debt sources) and is not subject to financing conditions. The transaction is expected to close in April of 2014 and is subject to customary closing conditions, including Hart-Scott-Rondino approval and related regulatory approvals. In addition, contingent consideration of up to $37.5 million may be payable if Wright completes certain agreed upon acquisitions prior to closing. Brown & Brown anticipates the transaction will yield future tax benefits in the amount of $108 million. This amount is comprised of cash payments of $587.5 million for the Programs Business, $7.5 million for Wright National Flood Insurance Company (" WNFIC") and $7.5 million for WNFIC statutory surplus. The total net consideration to be paid for the ownership interests of Wright is $602.5 million. We are pleased the employees and clients of Wright will be in such capable hands." They are an ideal owner of Wright and share our positive outlook for the business and appreciation for the quality of the existing management team. Jeff Greenberg, Chief Executive of Aquiline said, "We have enjoyed working with Brown & Brown on this transaction and admire the firm and its leadership. We look forward to the opportunities ahead combining the skills and expertise of our new Brown & Brown teammates from Wright with the Brown & Brown platform to continue to serve Wright's valued client base."
With the support of its lead equity partner, Aquiline Capital Partners, Wright added a unique asset with a national position in the Wright WYO flood program. Powell Brown stated, " Wright Insurance Group has an enviable history of solid growth and impeccable client service.
Joins in one organization two highly compatible sales and service cultures with the highest degree of ability and desire to succeed.
Allows for growth initiatives that will concentrate on leveraging Wright's market expertise, tenured client relationships and infrastructure.Brings to Brown & Brown a substantial presence in the national flood insurance program (NFIP) and a premier service provider for government-sponsored insurance programs and proprietary national and regional programs (collectively, the " Programs Business") with 2013 net adjusted revenues of $114 million (adjusted for certain divestitures to occur prior to closing).has entered into a merger agreement to acquire The Wright Insurance Group, LLC (" Wright"). (NYSE: BRO), today announced that Brown & Brown, Inc. Powell Brown, Chief Executive Officer and President of Brown & Brown, Inc. DAYTONA BEACH, FL and TAMPA, FL - (Marketwired) - 01/15/14.
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