Brown & Brown, Inc. Announces the Formation of Brown & Brown Public Entity Services
November 14 2005 - 3:28PM
PR Newswire (US)
DAYTONA BEACH and TAMPA, Fla., Nov. 14 /PRNewswire-FirstCall/ --
Jim W. Henderson, President and Chief Operating Officer of Brown
& Brown, Inc. (NYSE:BRO), today announced the formation of a
new reporting region within the Company. Brown & Brown Public
Entity Services(SM) will focus on providing insurance-related
products and services to governmental and quasi-governmental
entities nationwide. Already recognized as a leader in
understanding and serving public entities' insurance needs, the
formation of this specialized region will allow Brown & Brown
to provide additional assets for one of its fastest-growing market
segments. K. Shane Caldwell, President of Brown & Brown's
Public Risk Underwriters(SM) subsidiary, will assume the position
of President of Brown & Brown Public Entity Services(SM). Mr.
Caldwell, along with Brown & Brown Regional Executive Vice
President J. Powell Brown, will be responsible for the operations
of the new region. Mr. Caldwell noted, "State and local
governmental entities nationwide account for 20% of all insurance
spending in the United States and are pro- active clients of
insurance products and services. The formation of Brown & Brown
Public Entity Services further enhances Brown & Brown's ability
to access and serve this important sector." The Company plans to
grow both internally by bringing new creative products to market as
well as through the strategic acquisition of agencies that
specialize in public entity business. "The formation of a region to
specifically focus on the insurance needs of the public sector,
combined with our commitment of the leadership and resources
necessary to make it an industry leader, is a result of our
recognition of the importance to fully meet the insurance needs of
public entities across our country," commented J. Hyatt Brown, the
Company's Chairman and Chief Executive Officer. 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, including those relating to continuing
our revenue, earnings and operating growth, as well as identifying
and consummating attractive acquisition opportunities. These
statements are not historical facts, but instead represent only the
Company's current 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,
financial condition and achievements may differ, possibly
materially, from the anticipated results, financial condition and
achievements contemplated by 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, as well as its other
achievements, 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,
Georgia, New Jersey, New York, Pennsylvania and/or Washington,
where significant portions of the Company's business are
concentrated; the actual costs of resolution of contingent
liabilities; those factors relevant to Brown & Brown's
consummation and integration of announced acquisitions, including
any matters analyzed in the due diligence process, material adverse
changes in the customers of the companies whose operations are
acquired, and material adverse changes in the business and
financial condition of either or both companies and their
respective customers; and the cost and impact on the Company of
previously disclosed litigation initiated against the Company and
regulatory inquiries regarding industry and Company practices with
respect to compensation received from insurance carriers. All
forward-looking statements made herein are made only as of the date
of this 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 hereafter becomes aware. DATASOURCE: Brown & Brown,
Inc. CONTACT: Jim W. Henderson, President & Chief Operating
Officer, Brown & Brown, +1-386-239-5789 Web site:
http://www.bbinsurance.com/
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