Brown & Brown, Inc. Completes Acquisition of Hays Companies

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November 16, 2018 – (Daytona Beach) . . . Brown & Brown, Inc. (NYSE:BRO) today announced the completion of the previously-announced acquisition of Hays Companies (“Hays”) by Brown & Brown, Inc.

Brown & Brown, Inc. is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With Brown & Brown’s almost 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service.  For more information on Brown & Brown, visit www.bbinsurance.com.  Hays Companies’ current operations can be reviewed at www.hayscompanies.com.

This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition; the appointments of those individuals currently employed by Hays to leadership positions with Brown & Brown after the transaction; and the integration of the current Hays operations with Brown & Brown after the transaction.  These statements are not historical facts, but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control.  It is possible that actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements due to a number of risks and uncertainties.  These risks and uncertainties include, but are not limited to: Brown & Brown’s consummation and integration of the announced acquisition, including adequately addressing any matters analyzed in the due diligence process; Brown & Brown’s ability to retain Hays’ clients following the transaction; the post-transaction performance of the operations acquired from Hays combined with Brown & Brown’s operations; material adverse changes in the business and financial condition of Hays, Brown & Brown, or both, and their respective clients; material adverse changes in economic conditions in the markets Brown & Brown serves and in the general economy; management’s decisions after the transaction regarding employment positions with Brown & Brown; the inability of certain individuals to fill certain positions with Brown & Brown after the transaction; changes to management’s strategy, including the future strategic decisions regarding its insurance carrier relationships and/or the products and services it offers its distribution partners; future regulatory actions and conditions in the states in which Brown & Brown conducts its business; competition from others in the insurance agency, wholesale brokerage, insurance programs and service business.  Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission.  All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

Abby Ferri Joins Hays Companies As Vice President

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Abbi Ferri headshotHays Companies announced Abby Ferri has joined its Minneapolis operations as Vice President. She will be responsible for helping build the national construction practice through her experience and expertise in safety and risk management.

“We are excited to have Abby join our growing construction division at Hays,” said Tim Boberg, President of Property and Casualty-Minneapolis. “She brings valuable risk control experience, entrepreneurship and leadership to her new role.”

Ferri has more than 15 years of experience in construction risk management. In 2012, she founded The Ferri Group, LLC where she provided risk control, program development, training and regulatory compliance for her clients.

Abby is an adjunct professor in the Construction Management Program at Dunwoody College of Technology. She is also President-elect of the Northwest Chapter of American Society of Safety Professionals (ASSP) and Administrator of the Women in Safety Excellence common interest group of the ASSP.

“I feel that my experiences have led me directly to my new position at Hays. I love working with construction companies and general contractors, and I aim to ensure the industry thinks of Hays first for their risk management needs,” said Ferri.

Ferri can be contacted via phone at 612-486-4796 or email at aferri@hayscompanies.com.

ABOUT HAYS COMPANIES

Hays Companies is one of the fastest growing risk management, insurance and employee benefits advisors in the country. Our philosophy of delivering the highest-quality, customer-focused service has led to significant growth for 20 years. Today, the company includes 700+ experienced professionals in more than 30 locations throughout the United States. For more information, contact Andrea Field (afield@hayscompanies.com) or visit our website at hayscompanies.com.

Hays Companies Named “2018 Elite Agency”

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Circle of stars with Elite Agency 2018 text in centerHays Companies is delighted to announce that we have been named a 2018 Elite Agency by Insurance Business America (IBA). This is the second consecutive year we have received the honor.

The Elite Agency designation is awarded to the Top 35 brokerage firms across the country, who in 2017 achieved at least $25 million in revenue and indicated by the end of Q2 2018 that they will once again accomplish year-over-year growth.

Per IBA, this award goes beyond transactions to reflect the depth and excellence of the organization’s producer training initiatives, mentorship programs and community outreach efforts. In short, being named an IBA Elite Agency is synonymous with being the best in business.

For our teammates, this award is especially reflective of the entrepreneurial spirit that we have worked so hard to build and maintain. We’re proud to be recognized amongst our peers and extend our congratulations to the other awardees. To view the complete list, please click here.

About IBA

International Business America is an independent industry publication, targeted towards commercial agents and advice professionals.

Hays Companies Enters into Agreement to Join Brown & Brown, Inc.

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(Minneapolis, MN)  Jim Hays, Chief Executive Officer of Hays Companies, and J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), today announced that Brown & Brown, Inc. (Brown & Brown) has entered into an agreement to acquire selected assets of the Hays Companies insurance operations.  The transaction is expected to close in November 2018, subject to certain closing conditions.

Hays Companies will operate as a region inside Brown & Brown Retail.  The operations will continue to be led by Jim Hays, as Chief Executive Officer, and Mike Egan as President/COO of the Hays Companies.  Following completion of the transaction, Jim will join Brown & Brown, Inc. as Vice Chairman and will serve on the board of directors, and Mike will become a Regional President of the Brown & Brown Retail Division.  Mike will continue reporting to Jim and Jim will report up to Powell Brown, Chief Executive Officer of Brown & Brown.

Jim Hays stated, “After 24 years as an independent insurance broker, we feel the time is now to partner with an industry leader who shares our cultural values.  Brown & Brown has the same client-focused attitude that our clients have come to expect from the Hays Companies team. This partnership enhances our ability to provide expanded solutions for our clients and new opportunities for our employees.  Because the Hays Companies name, our executive group, and our account teams will not change, we expect a smooth transition.  As far as we are concerned, it is business as usual.  This is a new era for Hays Companies.  I am very excited about the future as a part of the Brown & Brown family.”

Powell Brown stated, “For the past several years, Jim and I have gotten to know one another both professionally and personally.  It became clear to me over that time that our organizations share a common sales, service, entrepreneurial and teammate focused culture which delivers results and that joining the Hays Companies team with Brown & Brown will be mutually beneficial to our collective clients, teammates and carrier partners.  We are excited to have the experience and client-focused team of Hays Companies join with us under the leadership of Jim and Mike.”

You may view this video of Jim Hays and Powell Brown discussing Hays Companies joining the Brown & Brown team.

Jim Hays formed the Hays Companies in 1994. Since formation, Jim, along with Mike Egan, Steve Lerum, and Bill Mershon, have successfully grown Hays Companies to number 22 on Business Insurance Magazine’s list of 100 largest U.S. brokers, with annualized revenue of approximately $200 million. Headquartered in Minneapolis, Hays Companies is comprised of over 700 risk management and employee benefits professionals in 32 locations across 21 states. The Hays Companies focuses on risk management and commercial insurance, employee benefits, consulting services, specialty programs and private client services.  Hays Companies’ current operations can be reviewed at www.hayscompanies.com.

Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance 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. For more information on Brown & Brown, visit www.bbinsurance.com.

For press inquiries please contact Andrea Field, Hays Companies National Director of Marketing & Strategy, at 612-387-0952 or afield@hayscompanies.com.

Hays Intern Selected as The Council Foundation Scholarship Recipient

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The Council Foundation LogoKatie O’Keefe, a student at Drake University and a summer intern in the Hays Marketing Department, has been selected as a recipient of a $5,000 academic scholarship for the 2018-19 year academic year, as announced by The Council Foundation.

The Council Foundation has maintained a competitive scholarship program for over ten years, for which top interns are eligible to be nominated for a $5,000 scholarship, as part of their mission to bring fresh, diverse talent into the brokerage sector. O’Keefe is one of 75 college students across the country who received a Council Foundation scholarship this year.

Of her experience with Hays, O’Keefe stated:

I was initially attracted to Hays’ entrepreneurial work ethic and environment, but my overall experience greatly exceeded my expectations. From the first day with my team, I was treated as a valued team member, and my suggestions were never discounted because of my age or experience. I was given real projects to manage and advance, which pushed me out of my comfort zone and helped to expand my professional skill set.

As a result of my experience with Hays, I have more confidence in myself and a clearer vision for my career path. I look forward to applying the skills I developed to classwork and team projects in my final semester at Drake and beyond.

Here at Hays, a robust internship program has always been a vital part of our identity. We have a long-standing internship program, which last year gave 9 students the opportunity to experience our unique entrepreneurial culture. Our highly-developed program allows students to make meaningful contributions to our corporate identity by collaborating on a summer project that is implemented company-wide at the end of the summer.

At the same time, students are paired with a mentor in their department for the duration of their internship and given real deliverables to contribute to existing timelines as opposed to more basic “intern duties.”  They also enjoy access to high-level company executives and operate in an environment where they are treated as more than “just the intern.”

Hays has long understood that if an internship is successful, the intern in question is more likely to accept or pursue a full-time offer upon graduation. According to an article by The Council of Insurance Agents & Brokers, studies have demonstrated that “internships are the insurance brokerage industry’s most successful tool in the recruitment of college students.”  It is one of the many ways that we have continued to stay ahead of the curve when looking for and attracting the best young talent.

Hays Headquarters Named Largest Insurance Brokerage in Minneapolis

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Hays Companies is pleased to announce that our Minneapolis office, which is also the location of our corporate Headquarters, was named the largest insurance brokerage in the Minneapolis/St. Paul metro area (also known as the Twin Cities) by the Minneapolis/St. Paul Business Journal.

The publication, which is amongst the most prestigious business news outlets in the state of Minnesota, surveyed offices located within the 24-county metro area. For businesses that are headquartered in the Twin Cities, such as ours, results were based on companywide revenue for all operations as well as the number of employees.

We’re especially honored by this recognition as it not only reflective of our growth as an organization, but also the continued support of the community in which we were founded.

To view the complete list, please click here.

Insurance Journal ranks Hays in Top 25 of 100 Property/Casualty Agencies for 2018

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Hays Companies was named one of the Top 25 Property/Casualty Agencies in the United States by the Insurance Journal, a leading industry publication for the Property/Casualty arena. The list is based on total revenue for 2017 and is comprised of agencies focused on retail policies.

Per the Insurance Journal, the list is indicative of “the nation’s most successful independent insurance agencies and brokerages.”

Hays Companies ranked 22nd this year, after experiencing $90,300,000 in total Property/Casualty revenue. This is the 25th year of consecutive growth for Hays.

“Our customers are at the center of everything we do,” explained Jim Hays, CEO of Hays Companies. “Each year, we are growing organically and extending our reach to better meet the needs of our clients. We will continue to be an industry leading company by going above and beyond to ensure we are the broker of choice for our customers.”

To view the full list, please click here.

Hays Companies Rises in “Top 100 Insurance Brokers” Rankings

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Hays Companies is pleased to announce that they were recently named as the 22nd largest insurance broker in the United States by Business Insurance Magazine. This is the 25th year of consecutive revenue growth for Hays Companies.

Hays’ 2018 ranking is reflective of the entrepreneurial spirit on which they were founded and was an increase from their 2017 standings (for which they were ranked #23).  As a privately-held organization, Hays’ organic growth has been entirely accomplished by their team of experienced professionals.

Of Hays’ explosive trajectory, CEO Jim Hays said “We have continued our growth by investing in our people and building client-focused teams. Our business model encourages creative, out-of-the-box solutions that allow us to adapt quickly to the evolving needs of our clients.”

The list, which is generated annually, ranks the 100 largest insurance brokers in the country by revenue for all U.S. based clients in the previous calendar year.  Hays Companies’ 2017 brokerage revenues of $197,600,000 were up 2.2% over the 2018 fiscal year.

To learn more about the list and to view the complete rankings, please click here.

Founded in 1994, Hays Companies specializes in risk management, insurance, and employee benefits.

Hays Companies Volunteers with Habitat for Humanity

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For almost a decade, Hays Companies has built a strong partnership with Habitat for Humanity to combat homelessness and provide affordable housing for families within the communities where we work and live.

This month, Hays team members assisted with building a Habitat for Humanity home in St. Paul, Minnesota. Of the experience, Robert Rangel, Hays Companies’ Director of Claims Management and Volunteer Committee Chair said, “It was a fulfilling day for our team. It’s not every day you have the opportunity to learn how to construct a garage and build a roof with your colleagues. We were grateful to be out in the community together giving back to a wonderful organization.”

One of Hays Companies’ core values is being impactful and contributing to the communities we serve. Habitat for Humanity is a great outlet for employees to live out this value by volunteering.  “We encourage our employees to get involved with organizations in the community that they’re passionate about. Habitat for Humanity is an organization with a mission that Hays’ employees believe in,” stated Chief Executive Officer, Jim Hays.

Hays Companies Vice President Bruce Lyon Receives 2018 Excellence Award

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Hays Companies of Kansas City is proud to announce that Bruce Lyon, Vice President and Director of Risk Management, was honored by the Board of Certified Safety Professionals with the 2018 CSP Award of Excellence.

A leader in high quality credentialing for safety, health and environmental practitioners, the Board of Certified Safety Professionals (BCSP) was founded in 1969. Since then, they have grown to be recognized as the leader in credentialing for practitioners in the safety, health, and environmental industries. Their highly prestigious Award of Excellence is awarded to top practitioners that embody outstanding leadership, deep industry knowledge and a strong commitment to advancing safety excellence.

Lyon has over 37 years of experience in the insurance and consulting fields and continues to be a passionate advocate for the advancement of the safety profession. He currently serves as Advisory Board Chair to the University of Central Missouri (UCM) Safety Sciences program as an active collaborator with the faculty, a frequent lecturer and mentor.

Additionally, Lyon is Vice Chair of the ISO 31000 Risk Management standards US Technical Advisory Group (US TAG), a member of the ANSI/ASSE Z590.3 Prevention through Design standard review committee, and a subject matter expert in the development of the Board of Certified Safety Professionals’ (BCSP) Safety Management Specialist (SMS) certification.

To learn more about the Board of Certified Safety Professionals and the other Excellence Award recipients, please click here.