![]() ![]() 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. Pro-forma projected net revenues of $121 million and projected EBITDA of $58.8 million for the first twelve months of operation of the Wright companies after closing.Įstimated earnings per share growth of $.09 to $.10 in the next fiscal year. Wright's public entity/program services/specialty operations in New York will report to Tony Grippa (Regional Vice President) and Wright's flood program operations will report to Chris Walker (Regional Executive Vice President).Īll of Wright's operations will become part of Brown & Brown's National Programs Division. ![]() Wright's current operational leadership team will remain in place and will continue to operate from offices in (i) Uniondale, New York, (ii) Albany, New York and (iii) St. Joins in one organization two highly compatible sales and service cultures with the highest degree of ability and desire to succeed. has entered into a merger agreement to acquire The Wright Insurance Group, LLC ("Wright").īrings 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).Īllows for growth initiatives that will concentrate on leveraging Wright's market expertise, tenured client relationships and infrastructure. (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 - J. ![]()
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