Brown & Brown, Inc. Announces the Asset Acquisition of Emerald Benefits, Inc.
February 14 2005 - 8:31AM
PR Newswire (US)
Brown & Brown, Inc. Announces the Asset Acquisition of Emerald
Benefits, Inc. DAYTONA BEACH, Fla. and TAMPA, Fla., Feb. 14
/PRNewswire-FirstCall/ -- Thomas E. Riley, Regional President of
Brown & Brown, Inc. (NYSE:BRO), and Baruch "Bruce" Levy,
President of Emerald Benefits, Inc., of Weston, Florida, today
announced the asset acquisition of Emerald Benefits, Inc. by Brown
& Brown, Inc. Emerald Benefits, with annualized revenues of
approximately $3.8 million, is a retail insurance agency
specializing in serving the employee benefits needs of companies
and individuals throughout South Florida. The agency will be a new
freestanding Brown & Brown profit center, with Salvatore
Capano, Vice President of Emerald Benefits, serving as profit
center manager. Mr. Riley, who is responsible for operations that
include several South Florida offices, noted, "We are quite pleased
to have Sal and the Emerald Benefits staff join Brown & Brown.
This talented team of insurance professionals provides us with
expanded resources and service capabilities in the employee
benefits arena and will further enhance our South Florida
presence." Mr. Levy said of the transaction, "Our two organizations
share a culture of caring for employees, integrity and commitment
to excellence. Brown & Brown is a premier national insurance
organization and I believe our respective operations line up
exactly. Joining with Brown & Brown, with its national
presence, allows us access to property-casualty liability insurance
markets, a great number of insurance companies, reinsurance and
risk management, third- party administration and managed health
care programs. It greatly enhances our ability to offer the very
best from the insurance marketplace to both our Florida and
national clients." Levy further stated, "Emerald Benefits will be
the employee benefits hub for Brown & Brown in South Florida.
Our management structure, operations, corporate identity, and
location will remain largely unchanged. Our model has been
successful for the past decade, Brown & Brown recognized it,
and together we will continue to be a leader in our industry."
Brown & Brown, Inc. and its subsidiaries offer a broad range of
insurance and reinsurance products and services, as well as risk
management, third-party administration, and managed health care
programs. Providing service to business, public entity, individual,
trade and professional association clients nationwide, the Company
is ranked by Business Insurance magazine as the United States'
eighth largest independent insurance intermediary. The Company's
Web address is http://www.bbinsurance.com/ . This press release may
contain certain statements relating to future results, which are
forward-looking statements. These statements are not historical
facts, but instead represent only the Company's belief regarding
future events, many of which, by their nature, are inherently
uncertain and outside of the Company's control. It is possible that
the Company's actual results and financial condition may differ,
possibly materially, from the anticipated results and financial
condition indicated in these forward-looking statements. Further
information concerning the Company and its business, including
factors that potentially could materially affect the Company's
financial results and condition, are contained in the Company's
filings with the Securities and Exchange Commission. Some factors
include those factors relevant to Brown & Brown's consummation
and integration of this acquisition, including any matters analyzed
in the due diligence process, material adverse changes in the
customers of Emerald Benefits, Inc., and material adverse changes
in the business and financial condition of either or both companies
and their respective customers. All forward-looking statements
included in this press release are made only as of the date of this
press release, and the Company does not undertake any obligation to
publicly update or correct any forward-looking statements to
reflect events or circumstances that subsequently occur or of which
the Company thereafter becomes aware. DATASOURCE: Brown &
Brown, Inc. CONTACT: Cory T. Walker, Chief Financial Officer of
Brown & Brown, Inc., +1-386-239-7250 Web site:
http://www.bbinsurance.com/
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