Brown & Brown, Inc. Announces the Asset Acquisition of Nichols & Associates, Inc.
September 01 2005 - 1:37PM
PR Newswire (US)
DAYTONA BEACH and TAMPA, Fla., Sept. 1 /PRNewswire-FirstCall/ --
Thomas E. Riley, Regional President of Brown & Brown, Inc.
(NYSE:BRO), and Val E. Nichols, President of Nichols &
Associates, Inc., of Philadelphia, Pennsylvania, today announced
the asset acquisition of Nichols & Associates, Inc. by Brown
& Brown, Inc. Nichols & Associates, with annualized
revenues of approximately $1.2 million, is a retail insurance
agency that specializes in placing coverage for large health care
institutions and physician groups, including medical malpractice
coverage. Val Nichols and his team of insurance professionals will
continue to operate from their current location as a new
freestanding Brown & Brown profit center. Mr. Riley,
responsible for operations that include the Northeastern United
States, noted, "We are pleased to have Val and his staff join Brown
& Brown's growing presence in the Northeast. They will provide
us with expanded resources and service capabilities, with emphasis
on the medical malpractice and other coverage needs of our
healthcare industry clients." 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' seventh 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, 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 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,
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, Brown &
Brown, +1-386-239-7250 Web site: http://www.bbinsurance.com/
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