Brown & Brown, Inc. Announces the Pending Asset Acquisition of AGA Insurance
December 20 2007 - 6:18PM
Marketwired
DAYTONA BEACH, FL and TAMPA, FL , and James "Jim" T. Strickland,
President of McLain, Peeples & Strickland, Inc., doing business
as AGA Insurance in Alpharetta, Georgia, today announced the
signing of a definitive agreement for a subsidiary of Brown &
Brown, Inc. to acquire the assets of AGA Insurance. Finalization of
the transaction is subject to the satisfaction of certain customary
conditions.
AGA Insurance, with annualized revenues of approximately $1.7
million, is an over 60-year-old full-line retail commercial
insurance agency with business concentrated in the greater
Alpharetta area and throughout the State of Georgia. The agency has
been serving the needs of hundreds of businesses and households
successfully for decades and specializes in serving the unique
insurance needs of churches, church schools and related ministries.
Jim Strickland, CIC, a graduate of the University of Georgia School
of Risk Management and Insurance, and the existing AGA staff will
continue to operate from their current location, under the
leadership of Bill Zimmer, as a satellite office of the existing
Atlanta area retail office of Brown & Brown Insurance of
Georgia, Inc., located in Duluth, Georgia.
Mr. Lydecker stated, "We are looking forward to having Jim and
this fine team of insurance professionals join our growing Georgia
presence. These talented folks provide us with additional resources
and represent yet another expansion of our service to middle-market
businesses in the greater Atlanta/North Georgia market."
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, managed health care, and
Medicare set-aside services and programs. Providing service to
business, public entity, individual, trade and professional
association clients nationwide, the Company is ranked by Business
Insurance magazine as the sixth largest independent insurance
intermediary in the United States, as well as in the World. The
Company's web address is 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
current belief of Brown & Brown, Inc. and its subsidiaries
(collectively the "Company") 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.
Contact: Cory T. Walker Chief Financial Officer (386)
239-7250
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From May 2024 to Jun 2024
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From Jun 2023 to Jun 2024