Florida’s Brown & Brown Inc. reported that the company is acquiring Proctor Homer Warren Inc. d/b/a Proctor Financial Insurance, of Troy, Mich. Jim W. Henderson, president and chief operating officer of Brown & Brown; Kenneth R. Masters, executive vice president of Brown & Brown; and Thomas W. Proctor, chairman and president of Proctor Homer Warren, announced the transaction.
Finalization of the acquisition is subject to completion of Brown & Brown’s due diligence review and other customary conditions.
Proctor Financial Insurance, with annualized revenues of approximately $18 million, provides specialty insurance products to more than 1,500 financial institutions. Founded in 1884, Proctor Financial Insurance was a pioneer in the development of lender-placed insurance products. The company serves clients across the country, including the U.S. government and a cross section of the top 100 and small to mid-sized mortgage servicers.
Tom Proctor, Karen Schickel, Paul Glantz and their staff will continue to operate the business at their current location in Troy, Mich. as a stand-alone operation.
Brown & Brown also announced that its Board of Directors has declared a regular quarterly cash dividend of $.07 per share. The dividend is payable on May 20, 2004, to shareholders of record on May 6, 2004.
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