Brown & Brown, Inc. Announces the Asset Acquisition of Advanced Insurance Concepts, Inc.
August 18 2008 - 10:36AM
Marketwired
Thomas E. Riley, Regional President of Brown & Brown, Inc.
(NYSE: BRO), and Anthony G. "Tony" Schufreider, Sr., President of
Advanced Insurance Concepts, Inc., of Bensalem, Pennsylvania, today
announced the asset acquisition of Advanced Insurance Concepts,
Inc. by a subsidiary of Brown & Brown, Inc.
Advanced Insurance Concepts, with annual revenues of
approximately $2 million, is a General Agent that specializes in
offering individual and group employee benefit insurance products
and services on behalf of brokers in Delaware, New Jersey, and
Pennsylvania. The agency serves as the General Agent for several
health insurance providers in the region. Tony Schufreider, Sr.,
Anthony G. "Tony" Schufreider, Jr. and their staff will join Brown
& Brown Consulting, a Brown & Brown profit center located
in Philadelphia, Pennsylvania under the leadership of Robert "Rob"
Cola.
Mr. Riley commented, "The Advanced Insurance Concepts team is a
great addition to our Philadelphia operation. Tony, Sr., Tony, Jr.
and their staff have built outstanding relationships with their
carrier partners and brokers, which we hope to continue and
strengthen in the years to come."
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 seventh largest independent insurance
intermediary in the United States and the ninth largest 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, including
those associated with this acquisition. 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 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 and condition, as well as its other
achievements, 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 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.
Contact: Cory T. Walker Chief Financial Officer (386)
239-7250
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