J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. and Bert Alanko, the sole shareholder of MBA Insurance Agency of Arizona, Inc. announced that MBA and Brown & Brown of Kentucky, Inc., a subsidiary of Brown & Brown, Inc., have entered into an agreement for the acquisition by Brown & Brown of substantially all of the assets of MBA. The parties anticipated that the acquisition will close in December 2015.
Founded in 1978, MBA provides rental insurance for the recreational vehicle and powersports vehicle markets throughout the U.S. MBA has annual net revenues of approximately $5.5 million.
The acquisition was scheduled to close effective Dec. 1.
Alanko and his MBA team will become part of Brown & Brown of Kentucky’s National RV Center, which is based in Columbia, Ky., and also has locations in Tampa, Simi Valley and Albany, N.Y. The National RV Center operates under the leadership of Mike Neal, executive vice president of Brown & Brown of Kentucky. The MBA team will continue to operate from their existing office in Scottsdale, Ariz., and will report to Neal.
“For over 30 years, Bert Alanko and MBA have been a leader in the RV and power sport rental insurance marketplace by providing innovative insurance and technology solutions. This transaction allows us to broaden and strengthen the National RV Center’s operations by rounding our insurance solutions for RV and power sport dealers and owners. We are very excited that Bert Alanko and his magnificent team have chosen to join Brown & Brown’s National RV Center,” Neal said.
“Brown & Brown has shown that they are truly vested in the industry segments that MBA serves — RV and powersports. By joining Brown & Brown, our experienced team will continue to provide great MBA customer service along with gaining access to new products,” Alanko said.