J. Scott Penny, Executive Vice President & Chief Acquisitions Officer of Brown & Brown, Inc. (a big company on the New York Stock Exchange), along with Bucky and Cindy Payne, who own CHAPP, Inc. and Citrus Insurance Services, Inc., announced today that Brown & Brown has bought the important parts of CHAPP and Citrus Insurance.
CHAPP and Citrus Insurance help people and businesses in Florida and all over the U.S. manage risks by giving them insurance for different parts of farming businesses. The agencies were started by Ed Crawford in 1976, and since then, they’ve grown under two generations of family leaders. The team from CHAPP and Citrus will now be part of Brown & Brown’s offices in Lakeland and Sebring, Florida. They’ll be working with Stacey Heacock, who leads the Lakeland office, and Jason Cloar, who is in charge of Brown & Brown’s operations in southwest Florida.
Mike Keeby, manager in Brown & Brown’s retail business, said, “We’re happy that Bucky, Cindy, Bucky Jr., and Michelle have chosen Brown & Brown to take over CHAPP and Citrus Insurance. The people at CHAPP/Citrus are trusted advisors in risk management for agriculture. We’re excited to grow in Florida with this team.”
Bucky Payne Sr. said, “My family and I are glad to join Brown & Brown. This move will let us offer more to our customers using Brown & Brown’s resources. We want to thank the Brown & Brown team that made this happen.”
Key Points:
- Acquisition Announcement: Brown & Brown, a publicly traded company, announced the acquisition of assets from CHAPP, Inc. and Citrus Insurance Services, Inc. This means Brown & Brown bought important parts of these two companies.
- Background on CHAPP and Citrus Insurance: These companies provide insurance solutions primarily for agricultural businesses, serving customers not only in Florida but also across the United States. Founded in 1976 by Ed Crawford, CHAPP and Citrus Insurance have seen growth under the leadership of two generations of the Payne family.
- Integration into Brown & Brown: The teams from CHAPP and Citrus will now become part of Brown & Brown’s existing offices in Lakeland and Sebring, Florida. They will work alongside existing leadership within Brown & Brown.
- Importance of the Acquisition: Mike Keeby, a senior figure within Brown & Brown, emphasized the significance of this acquisition, highlighting the trust and expertise of the CHAPP/Citrus team in agricultural risk management. Brown & Brown sees this move as an opportunity to expand its capabilities in Florida.
- Response from Bucky Payne Sr.: Bucky Payne Sr., representing his family and the acquired companies, expressed satisfaction in joining Brown & Brown. He sees this collaboration as a means to enhance their services to customers by leveraging Brown & Brown’s resources.
- Gratitude and Acknowledgment: Payne expressed gratitude towards the Brown & Brown team for making the acquisition possible, indicating a positive relationship between the acquiring and acquired entities.
Overall, the acquisition represents a strategic move by Brown & Brown to strengthen its position in the insurance industry, particularly in serving agricultural businesses, while also providing growth opportunities for the acquired companies and their employees.
About Brown & Brown Insurance
Brown & Brown, Inc. stands as the nation’s sixth largest independent insurance brokerage, dedicated to safeguarding what our clients cherish most through comprehensive risk management solutions. Our company operates across four key business divisions: Retail, National Programs, Wholesale Brokerage, and Services, extending insurance products and services to a diverse clientele ranging from businesses and corporations to governmental entities, professional associations, families, and individuals.
Central to our ethos is a culture steeped in integrity, innovation, exceptional expertise, and steadfast discipline. Our approach to insurance is distinct, leveraging our extensive experience, robust partnerships with carriers, and unwavering commitment to customer-centric principles to deliver unparalleled service and tailored solutions.
With a legacy spanning over 80 years of proven excellence, Brown & Brown emerges as one of the industry’s foremost authorities, wielding significant influence and setting standards for others to follow.
About CHAPP, Inc. and Citrus Insurance Services, Inc.
CHAPP, Inc., established in 1976 by the late Ed Crawford, was founded to aid citrus harvesters in obtaining workers’ compensation insurance. The company remains under family ownership, now led by Mr. Crawford’s daughter and her spouse.
Since its inception, CHAPP, Inc., has evolved from exclusively offering workers’ compensation insurance in Florida to expanding its services with the addition of Citrus Insurance Services, Inc., in 1984. Presently, our agencies provide insurance coverage for a wide range of agricultural industry needs and offer multi-state coverage options to cater to diverse business requirements. Over the years, CHAPP, Inc., has become one of the premier insurance agencies specializing in agricultural coverage in the United States.
The majority of insurance policies provided by CHAPP, Inc., and Citrus Insurance Services are underwritten by the FCCI Insurance Group, a reputable leader in agricultural insurance. FCCI holds an A rating from the A.M. Best Rating Service, renowned for its credibility in the insurance industry.
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