Brown & Brown, Inc. Announces Acquisition of Assets of Claim Technologies Incorporated
DAYTONA BEACH, Fla., May 16, 2022 (GLOBE NEWSWIRE) — J. Scott Penny, Chief Acquisition Officer of Brown & Brown, Inc. (NYSE: BRO), and Donald (Don) R. Brandt and Randall (Randy) J. Brandt, principals of Claim Technologies Incorporated (CTI), today announced that Brown & Brown of Massachusetts, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of CTI.
Founded in 1990 by Don Brandt, CTI uses its proprietary software to offer a wide variety of benefit plan audits to government and private employers across the United States. Following the acquisition, the CTI team will continue to operate from its existing office in Des Moines, Iowa, under the direction of Randy Brandt. The CTI business will operate within Brown & Brown’s Retail segment and will report to Mark Abate, who oversees certain pharmacy consulting and benefits activities for Brown & Brown employees.
P. Barrett Brown, President of Brown & Brown’s Retail Segment, said, “The addition of CTI to the Brown & Brown team strategically enhances our comprehensive portfolio of services and capabilities to assess plan administrator performance. employee benefits. We are delighted to welcome Don, Randy and the rest of the CTI team to Brown & Brown.
Randy Brandt said, “We look forward to this strategic alliance with Brown & Brown and to continuing to provide quality auditing services to our clients.
About Brown & Brown, Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage, providing risk management solutions to individuals and businesses since 1939. With more than 12,000 teammates in more than 350 locations in the United States and select global markets, we are committed to providing innovative strategies to help protect what our customers value most. For more information, visit bbinsurance.com.
This press release may contain certain statements regarding future results that are forward-looking statements, including those related to this acquisition. These statements are not historical facts but rather represent Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and beyond Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information regarding Brown & Brown and its business, including factors that could materially affect Brown & Brown’s financial results and condition, and its other achievements, can be found in Brown & Brown’s filings with the Securities and Exchange Commission. These factors include factors relevant to Brown & Brown’s completion and integration of the announced acquisition, including all matters analyzed as part of the due diligence process, and material adverse changes in the business and financial condition of the seller, buyer or both, and their respective customers. Any forward-looking statements made herein are made only as of the date of this release, and Brown & Brown undertakes no obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that occur subsequently or which Brown & Brown Brown subsequently becomes aware of.
For more information:
R. Andrew Watts