In a significant development within the insurance industry, Brown & Brown, Inc. (NYSE: BRO) is set to acquire Caton-Hosey Insurance, marking a pivotal moment in the Florida insurance market. J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc., recently announced this strategic move, expected to conclude in early January 2024, pending certain closing conditions.
An Enduring Legacy: The Roots of Caton-Hosey Insurance
The history of Caton-Hosey Insurance intertwines with that of Brown & Brown in the Florida insurance landscape, dating back to 1948 when Caton Insurance was founded in Volusia County. Over 75 years, Caton Hosey has established itself as a steadfast presence in central Florida, offering bespoke insurance solutions and personalised service to individual and commercial customers. In 1990, Rex Caton assumed agency control from his father, Richard Caton, with John Hosey joining the team in 1993. Subsequently, Rex and John purchased the agency from Richard, which evolved into Caton-Hosey Insurance. Under their continued leadership, along with Barbara Caton, the Caton-Hosey team will continue to operate from their Port Orange, Florida office.
A Warm Welcome: Embracing a New Chapter
Barrett Brown, the key figure behind this acquisition, expressed his enthusiasm, saying, “We are very pleased to welcome Rex, John, Barbara, and the Caton-Hosey team as Brown & Brown teammates. Since Hyatt Brown and Richard Caton ran their respective firms, we have been friendly competitors and share a mutual respect that we each focus on customers first in delivering results. Rex and John will work with Steve Farmer and Brown & Brown to access additional resources and opportunities for Caton-Hosey to continue to provide positive insurance results for their customers.
We look forward to our future together.”
A Bright Future: A Vision of Synergy
This union between Brown & Brown and Caton-Hosey Insurance brings a bright future for both parties involved. Reflecting on this development, Rex Caton commented, “The future is bright, transitioning our company to become part of the Brown & Brown organisation. My dad, Richard Caton, would be proud that we are joining with his longtime friend, Hyatt Brown. We bring an excellent team and John Hosey’s additional leadership to the Brown family and Brown & Brown Insurance.”
Committed to Excellence: Brown & Brown, Inc.
Brown & Brown, Inc., a leading insurance brokerage firm, has provided risk management solutions to individuals and businesses since its inception in 1939. With over 15,000 teammates across 500+ locations worldwide, the company is unwaveringly committed to offering innovative strategies to safeguard what matters most to its customers.
Conclusion: Forging a Stronger Future
As the insurance landscape continues to evolve, this strategic acquisition exemplifies Brown & Brown’s dedication to enhancing its presence in the Florida insurance market while maintaining its commitment to customer-centric values and excellence. The partnership between these two longstanding entities promises to deliver more excellent opportunities and services to their valued customers.
