Brown & Brown, Inc. Announces the Asset Acquisition of Al Phillips Insurance Agency, Inc.
October 13 2008 - 8:46AM
Marketwired
C. Roy Bridges, Regional Executive Vice President of Brown &
Brown, Inc. (NYSE: BRO), and Al Phillips, President, and Warren
Phillips, Executive Vice President of Al Phillips Insurance Agency,
Inc. of Nashville, Tennessee, today announced the asset acquisition
of Al Phillips Insurance Agency, Inc. by a subsidiary of Brown
& Brown, Inc.
Al Phillips Insurance Agency, with annualized revenues of
approximately $4 million, is a retail insurance agency which serves
the general commercial property and casualty insurance needs of a
wide range of clients throughout the State of Tennessee. Al
Phillips and his staff will join Brown & Brown's existing
Nashville, Tennessee profit center under the leadership of Danny
Simmerman.
Mr. Bridges commented, "We are very pleased to have Al Phillips,
Warren Phillips, and their staff join our forces in the greater
Nashville area in the State of Tennessee and welcome a brilliant
team of insurance professionals."
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. 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
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.
Contact: Cory T. Walker Chief Financial Officer (386)
239-7250
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