Brown & Brown, Inc. Announces Entry Into
an Agreement to Acquire the Assets of
MBA Insurance Agency of Arizona, Inc.
J. Scott Penny, Chief Acquisitions Officer
of Brown & Brown, Inc. (NYSE: BRO), and
Bert Alanko, the sole shareholder of MBA
Insurance Agency of Arizona, Inc. (“MBA”),
today announced that MBA and Brown
& Brown of Kentucky, Inc., a subsidiary of
Brown & Brown, Inc., have entered into an
agreement for the acquisition by Brown
& Brown of substantially all of the assets
of MBA. The parties anticipate that the
acquisition will close in December of 2015.
Founded in 1978, MBA provides rental
insurance for the recreational vehicle and
power sport vehicle markets throughout
the United States. MBA has annual net
revenues of approximately $5.5 million. The
acquisition is scheduled to close effective
December 1, 2015. Bert Alanko and his MBA
team will become part of Brown & Brown of
Kentucky’s National RV Center, which is based
in Columbia, Kentucky and also has locations
in Tampa, Florida, Simi Valley, California and
Albany, New York. The National RV Center
operates under the leadership of Mike Neal,
Executive Vice President of Brown & Brown
of Kentucky. The MBA team will continue
to operate from their existing office in
Scottsdale, Arizona, and will report to Mike
Neal.
Mr. Neal stated, “For over thirty years, Bert
Alanko and MBA have been a leader in the RV
and power sport rental insurance marketplace
by providing innovative insurance and
technology solutions. This transaction allows
us to broaden and strengthen the National
RV Center’s operations by rounding our
insurance solutions for RV and power sport
dealers and owners. We are very excited that
Bert Alanko and his magnificent team have
chosen to join Brown & Brown’s National RV
Center.”
Mr. Alanko stated, “Brown & Brown has
shown that they are truly vested in the
industry segments that MBA serves -- RV and
Powersports. By joining Brown & Brown, our
experienced team will continue to provide
great MBA customer service along with
gaining access to new products.”
Brown & Brown, Inc., through its subsidiaries,
offers a broad range of insurance and
reinsurance products and related
services. Additionally, certain Brown &
Brown subsidiaries offer a variety of risk
management, third-party administration, and
other services. Serving business, public entity,
individual, trade and professional association
clients nationwide, Brown & Brown is ranked
by Business Insurance magazine as the United
States’ sixth largest independent insurance
intermediary. Brown & Brown’s Web address is
www.bbinsurance.com.
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