Brown & Brown of Kentucky, a subsidiary of Brown & Brown has acquired all the assets of Dealer Associates (DAI).
Brown & Brown chief acquisitions officer J. Scott Penny and Tony Fincannon and Rick Messinger, the principals of Dealer Associates, made the announcement.
Since 1990, DAI has provided a broad range of F&I Products, coupled with F&I, Sales and Service Training, Financial Performance Consulting, and Reinsurance Management Services for Auto Dealers in Texas and other states around the country.
DAI has annual revenues of approximately $8.5m. Tony, Rick and the DAI team will join the Brown & Brown Dealer Services practice, which operates under the leadership of Mike Neal, President of Brown & Brown of Kentucky.
Mike said: “DAI has been an industry leader in F&I Income Development since inception, and Tony is a recognized industry leader on dealer reinsurance and other participation structures designed to maximize profit and performance. As we continue to grow our Brown & Brown Dealer Services team, we are confident that DAI provides a solid base in the Southwest to grow from and adds valuable expertise to the team.”
Dealer Associates the principals Tony Fincannon said: “As we looked for new and game changing opportunities to help our dealer clients grow their business we found Brown & Brown to be a perfect fit culturally for our company. Now, we can bring additional insurance products and solutions to help dealers maximize profitability. We are extremely excited to be a part of the Brown & Brown team!”
Dealer Associates principal Rick Messinger said: “Having the opportunity to bring employee benefit, liability and other coverage options needed by dealers to run their businesses cost effectively will make our agency a stronger presence in the automotive space. That opportunity coupled with Brown & Brown’s teammate-based culture was the catalyst for our decision.”
Brown & Brown 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.
Source: Company Press Release