Business News • MarketWire • Brown & Brown, Inc. Announces Sale of Certain Assets of Axiom Re, LP |
Brown & Brown, Inc. Announces Sale of Certain Assets of Axiom Re, LP |
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Brown & Brown, Inc. Announces Sale of Certain Assets of Axiom Re, LP
DAYTONA BEACH, FL--(Marketwired - December 31, 2014) - Brown & Brown, Inc. (NYSE: BRO) ("Brown & Brown"), today announced the sale of certain assets of one of its subsidiaries, Axiom Re, LP, a reinsurance brokerage operation based in North Carolina with approximate annual revenues of just under $7 million ("Axiom Re"), to Beach Re Limited ("Beach") effective December 31, 2014. The parties have agreed that Brown & Brown will assist Beach with transition of teammates, payroll, benefits administration and other post-closing operational matters. Brown & Brown expects the transaction to result in a one-time, after-tax earnings per share loss of approximately $0.22 in 2014. In connection with this transaction, Brown & Brown's, Evergreen Re and Beecher Carlson's managed care operations will be merging to create expanded managed care capabilities, which will operate under the name of Beecher Evergreen Managed Care.
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