J. Scott Penny, chief acquisitions officer of Brown & Brown (BRO), and Robert F. Ougheltree, the principal of RF Ougheltree & Associates announced that Brown & Brown's Wholesale Brokerage Division has acquired certain assets of RF Ougheltree & Associates, (RFO).
RF Ougheltree & Associates was founded in 2000 by Bob Ougheltree as a full-service specialty intermediary focused solely on executive and professional liability insurance for public and privately held companies.
RFO has annual revenues of approximately $1.0 million. Following the transaction, Bob Ougheltree and members of the RFO team will continue to serve their clients and carrier partners as part of Hull & Company’s operations in New Jersey.
Chris Votta, Vice President of Hull & Company (Pennsylvania), stated, "We are excited that Bob and the RFO team are bringing their expertise in executive and professional liability insurance to the Brown & Brown Wholesale Brokerage Division. Their focus on partnering with retail agents and carrier partners for optimal results fits well with the Brown & Brown way of doing business."
Bob Ougheltree commented, "This transaction concludes our thoughtful effort to identify and partner with an organization that exemplifies the RFO culture and service commitment to retail agents. Combining the RFO team with Hull & Company operations significantly elevates our ability to excel at what we do, and to remain highly responsive to our retail client’s needs and our carrier relationships."
Brown & Brown, through its subsidiaries, offers a broad range of insurance 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.