Mar 18, 2010 – Brown & Brown acquires Excel Underwriters Alliance and Spirit Underwriters
Brown & Brown, Inc. Announces the Asset Acquisition of
Excel Underwriters Alliance, Inc. and Spirit Underwriters, Inc.
DAYTONA BEACH, Mar 18, 2010 — Thomas E. Riley, Regional President of Brown &
Brown, Inc. (NYSE: BRO), and David C. Wash, President of Excel Underwriters
Alliance, Inc. and Spirit Underwriters, Inc., of Voorhees, New Jersey, today announced
the acquisition of substantially all of the assets of Excel Underwriters Alliance, Inc. and
Spirit Underwriters, Inc. by Brown & Brown Metro, Inc., a subsidiary of Brown &
Brown.
With combined annual revenues of approximately $1.3 million, Excel Underwriters
Alliance and Spirit Underwriters offer professional liability, directors and officers (D&O)
liability, employment practices liability, managed care/medical malpractice liability,
crime, and related liability insurance products and services, primarily to insurance
providers and agents. Excel Underwriters Alliance provides open brokerage insurance
solutions, while Spirit Underwriters is a managing general underwriter (MGU) offering
products and services on both a direct and brokerage basis. These firms also offer Excel
Direct, a direct access insurance product for specialty agents and brokers with under $1
million in revenues.
David Wash and his staff will continue to operate under the Excel and Spirit
Underwriters brands, as divisions of Brown & Brown’s Mount Laurel, New Jersey profit
center, under the leadership of Joseph P. Morrissey, Jr.
Mr. Riley, who is responsible for Brown & Brown Metro’s operations, commented,
“David and his group have developed a strong expertise in the often complex world of
casualty insurance. We are excited to have them deepen our knowledge base in this arena.
This transaction also demonstrates our desire to grow our presence in New Jersey and the
greater Philadelphia region.” Mr. Wash added, “I am pleased to have the tools and
resources of Brown & Brown available to continue my commitment to the day-to-day
needs of our clients. I will continue to market and travel nationally to support our clients
and carriers.”
Mystic Capital Advisors Group, LLC provided transaction advisory services to Excel
Underwriters Alliance and Spirit Underwriters.