Brown & Brown, Inc. Announces the Asset Acquisition of Smith-Peabody-Stiles Insurance Agency, Inc.
January 22 2008 - 5:58PM
Marketwired
DAYTONA BEACH, FL and TAMPA, FL , and James "Jim" Peabody,
President of Smith-Peabody-Stiles Insurance Agency, Inc., with
offices in Fenton and Brighton, Michigan, today announced the asset
acquisition of Smith-Peabody-Stiles Insurance Agency, Inc. by a
subsidiary of Brown & Brown, Inc.
The Smith-Peabody-Stiles Insurance Agency, with annualized
revenues of approximately $5 million, is one of the oldest and most
highly regarded insurance agencies in Michigan. Founded in Fenton,
Michigan in 1919, the agency has been serving clients in the
Tri-County area and throughout the Great Lakes State ever since.
The company specializes in property and casualty, surety bonding,
life, health and employee benefits. Jim Peabody, Jim Smith, Jeri
Stiles and their staff will continue to serve their clients from
their Fenton and Brighton, Michigan locations as freestanding Brown
& Brown operations.
Mr. Penny, Brown & Brown Regional Executive Vice President
responsible for Midwest operations, commented, "We are extremely
pleased to have this highly respected and knowledgeable team of
insurance professionals join our expanding presence in Michigan.
They strengthen our expertise and scope of operations in serving
the insurance needs of clients throughout the region and become
another positive force in driving our company's growth and
development."
"We are very excited about the tremendous opportunities that
this event represents for our clients and staff," says Jim Peabody
of Smith-Peabody-Stiles. "Brown & Brown is a premier national
insurance organization. Our respective operations line up almost
exactly and Brown & Brown's national presence and expanded
capabilities will allow us and our clients access to a greater
number of insurance companies, programs and services."
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 Aug 2024 to Sep 2024
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From Sep 2023 to Sep 2024