J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and John F. Austin, the sole shareholder of Austin & Austin Insurance Services, Inc., today announced that Brown & Brown Insurance Services of California, Inc. has acquired substantially all of the assets of Austin & Austin Insurance Services.
Image: Brown & Brown announces the asset acquisition of Austin & Austin Insurance Services. Photo: courtesy of rawpixel/Unsplash.com.
With roots dating back to 1987, Austin & Austin Insurance Services was founded by John Austin in Pleasanton, California to serve the insurance needs of real estate professionals in the Bay Area. The firm specializes in providing errors and omissions insurance coverage to real estate brokers throughout California and has annual revenues of approximately $2 million. Following the transaction, John Austin and the rest of the Austin & Austin team will relocate to Brown & Brown’s Lafayette, California office and will operate under the leadership of Matt Sitzmann. The combined office will fall under the responsibility of John Esposito, a Senior Vice President of Brown & Brown, Inc. and a Regional President in Brown & Brown’s Retail Division, who oversees various of Brown & Brown’s retail operations in California and throughout the West Coast.
Mr. Sitzmann, Executive Vice President of Brown & Brown Insurance Services of California, stated, “This transaction presents a fantastic opportunity to add more high-quality talent to our Lafayette office, while also broadening the menu of products and services we can offer to our collective customers. We are eager to join forces with the Austin & Austin team and look forward to welcoming them to the Brown & Brown family.”
Mr. Austin stated, “Joining forces with Brown & Brown advances our mission to provide the best products and services to our customers, while also fostering an enjoyable and challenging work experience for our team. The decision to move forward with the transaction was the result of a long and thoughtful process, and I am confident our customers and staff will benefit from this new and exciting opportunity.”
Source: Company Press Release