Brown & Brown, Inc. Completes the Asset Acquisition of Hull & Company, Inc.
March 03 2005 - 12:48PM
PR Newswire (US)
Brown & Brown, Inc. Completes the Asset Acquisition of Hull
& Company, Inc. DAYTONA BEACH, Fla. and FORT LAUDERDALE, Fla.,
March 3 /PRNewswire-FirstCall/ -- Brown & Brown, Inc.
(NYSE:BRO) and Hull & Company, Inc., headquartered in Ft.
Lauderdale, Florida, today announced the consummation of the
previously announced asset acquisition by Brown & Brown, Inc.
of Hull & Company, Inc. and certain affiliated entities. Hull
& Company, with annualized net retained revenues of
approximately $63.0 million, is recognized as one of the nation's
leading insurance wholesale organizations. Richard F. "Dick" Hull
and the company's other current management and staff will continue
to operate Hull & Company as a stand-alone Brown & Brown
profit center from its existing locations. 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. Our 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, are contained in the Company's filings with the
Securities and Exchange Commission. Some factors include: general
economic conditions around the country; downward commercial
property and casualty premium pressures; the competitive
environment; the integration of the Company's operations with those
of businesses or assets the Company has acquired or may acquire in
the future and the failure to realize the expected benefits of such
integration; the potential occurrence of a disaster that affects
certain areas of the states of Arizona, California, Florida, New
Jersey, New York and/or Washington, where significant portions of
the Company's business are concentrated; the actual costs of
resolution of contingent liabilities; and those factors relevant to
Brown & Brown's consummation and integration of the announced
acquisition, including any matters analyzed in the due diligence
process, material adverse changes in the customers of the company
whose operations are being acquired, material adverse changes in
the business and financial condition of either or both companies
and their respective customers, and substantial delay in the
expected closing of the transaction. All forward-looking statements
included in this press release are made only as of the date of this
press release, and we do not undertake any obligation to publicly
update or correct any forward-looking statements to reflect events
or circumstances that subsequently occur or of which we thereafter
become 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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